Cairo – Mubasher: The Commercial International Bank - Egypt (CIB) slashed its stake in CI Capital for Financial Investments to 0.713% from 7.56%.

CIB sold 68.47 million shares for EGP 321.8 million, averaging EGP 4.7 per share, according to a statement to the Egyptian Exchange (EGX) on Wednesday.

In separate statements, it is disclosed that Mahmoud Al Jamal Charity Foundation cut its stake in CI Capital to 0.51% after selling 49.26 million shares for EGP 231.53 million and Ismail Ali Ismail Al Tourki reduced its interest to 1.11% after selling 106.83 million shares for EGP 502.133 million.

On Tuesday, Banque Misr raised its stake in CI Capital to 90% from 24.13% after purchasing 652.81 million shares for EGP 3.07 billion.

In 2020, CI Capital reported consolidated net profits of EGP 474.6 million, down by 12.4% from EGP 541.75 million a year earlier.