Ripplewood Sells 4.7% Stake in Egypt’s CIB

CAIRO (Reuters) – New York-based Ripplewood Holdings sold its remaining 4.7 percent stake in Egypt’s Commercial International Bank (CIB) (COMI.CA) “through the open market”, CIB said in a statement.

Ripplewood sold its 13.9 million shares for 55 Egyptian pounds ($10) each for a total value of 764.5 million pounds, said a source familiar with the deal. CIB shares closed at 55.05 pounds on Tuesday.

The shares were sold to several foreign buyers, the source added. Egyptian investment bank Beltone Financial acted on behalf of the buyers.

In July, Ripplewood sold a 9.3 percent stake in the bank, Egypt’s largest private bank by assets, to private equity firm Actis, which is now CIB’s biggest shareholder. (Writing by Patrick Werr; Editing by Hans Peters) ($1=5.500 Egyptian Pound)