CAIRO, March 31 Private equity firm Actis has
reduced its holding in Commercial International Bank (CIB)
, Egypt's biggest listed bank, to 6.5 percent, CIB said
CIB said Actis sold a 2.6 percent stake in the bank "in the
open market to a group of international investors".
The shares were sold to Egyptian and other Arab institutions
for 816 million Egyptian pounds ($117 million), sources at
Cairo's stock exchange said.
It was not clear why Actis, which invests in Asia, Africa
and Latin America, reduced its holding. It confirmed the sale in
an email to Reuters, without giving further details.
Actis bought 9.1 percent of CIB in July 2009, making the
private equity firm its largest single shareholder, the bank
The second-biggest shareholder, as of the end of January,
was OppenheimerFunds with 5.37 percent, according to Thomson
CIB shares, which make up almost a quarter of Egypt's main
index, closed down 2.37 percent on Monday to trade at
36.25 pounds. The index itself closed down 3.55 percent after
hitting its highest level since 2008 last week.
Trading volume in CIB shares was at its highest level in
($1 = 6.9676 Egyptian Pounds)
(Reporting By Ehab Farouk; Writing by Shadia Nasralla; Editing
by Pravin Char)