By: Ahmed Allam

Cairo - Mubasher: The CEO of CI Capital, Mahmoud Atallah, said that the board of directors will soon present the company’s strategy and expansion plans to the new management.

Atallah added in a phone interview with Mubasher that the buyers of 74.75% of the company’s shares included 17 businessmen, including Alaa Arafa, Mahmoud Al Gammal, and Saudi businessman Ismail Tourk.

When asked about plans to raise the company’s capital, the CEO noted that it depends on the company’s need for expansion in some activities, and the new strategy that is set to be approved by the new management, which he expects to be completed within a year.

The Commercial International Bank (CIB) announced on Monday that it has sold 74.75% of its stake in its subsidiary CI Capital Holding for EGP 710.158 million.

The transaction was carried out by a number of non-related Egyptian and Gulf investors, the bank said in a statement to the Egyptian Exchange (EGX).

The bank retained a minority stake of 25.24% of CI Capital Holding, valued at EGP 950 million.