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Report: Egyptian i-bank sale faces fresh delay

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Report: Egyptian i-bank sale faces fresh delay

An ongoing court case is set to further delay the sale of anEgyptian investment bank, according to Reuters.

The head of Egypt's FSA, Sherif Sami, told the newswireApril 13 that the saleof CI Capital Holding CoSAE to Orascom Telecom and Media Technology Holding and subsidiaryBeltone Financial Holding would be postponed pending the settlement of anappeal by several CI Capital shareholders who are refusing to sell theirshares.

CommercialInternational Bank (Egypt) SAE agreed in February to sell CICapital to Egyptian billionaire Naguib Sawaris' Orascom for 924 millionEgyptian pounds, and Sawaris said he would merge CI Capital and Beltone. Thefirms signed a sharepurchase agreement Feb. 28 and had expected to complete the transaction beforethe end of the first quarter.

Sawiris previously said the sale was being delayed bynational security concerns, having earlier seen a last-minute and eventuallyunsuccessful counteroffer from a unit of state-owned , Reutersnoted.

As of April 13, US$1 was equivalent to 8.88 Egyptianpounds.