RHJ to divest part of 3.2 pct stake in Egypt's CIB

BRUSSELS, July 8 (Reuters) - Belgian holding firm RHJ International (RHJI.BR) will sell part of its 3.2 percent stake in Commercial International Bank (COMI.CA), Egypt's largest lender by market value, an RHJ spokesman said on Wednesday.

RHJ's entire 3.2 percent stake in CIB is worth about 430 million Egyptian pounds ($77 million) based on CIB's current share price of 46.00 Egyptian pounds.

Even a partial sale would add much-needed cash to the coffers of RHJ, which analysts say is keen to acquire financial assets, particularly in Germany.

Last week, RHJ reported it had 447.7 million euros ($625.8 million) in cash available to invest as of end-March.

RHJ spokesman Arnaud Denis told Reuters the company would announce the Egyptian stake sale and give further details later on Wednesday.

Earlier on Wednesday, private equity firm Actis announced that it had agreed to pay $244 million to acquire a 9.3 percent stake in the Egyptian bank [ID:nL8488261]