Commercial International Bank (“CIB”) and Al Arafa for Investments and Consultancies (“Arafa Holding”) announce the signing of the final agreements relating to CIB’s purchase of a 38% secondary stake in Concrete for Ready-Made Garments S.A.E. (“Concrete”), a subsidiary of Arafa Holding, at a total deal size of EGP 152 million for the purchased stake. Post-acquisition, Arafa will remain the major shareholder of Concrete with 52% stake.
This confirms what Amwal Al Ghad published yesterday that CIB completed the due diligence to acquire 38% stake in Concrete.
Arafa Holding announced during the first quarter of this year receiving an offer from the reputable bank for the purchase of a 38% stake in Concrete. After completion of the due diligence process and the study of the offer by both Concrete and Al Arafa Holding managements, the offer had been accepted and final agreements have been signed with CIB for the purchase of a 38% secondary stake at a deal value of EGP 152 million in cash which is in line with the initial offer Arafa received early in the year.
