CI Capital to acquire Naguib Sawiris’ stake in Reefy

CAIRO – 3 October 2017: Financial services firm CI Capital Holding will acquire majority stake in Microfinance Enterprise Services (Reefy), CI Capital announced in a Tuesday statement.

The investment bank, affiliated to the Commercial International Bank (CIB), reached an agreement with Gemini Egypt Holding for Financial Investments, an investment company owned by business tycoon Naguib Sawiris, to hold its majority stake in Reefy.
CI Capital aims to introduce Reefy to its platform of non-banking financial services, which includes financial leasing company Corplease, in which CI Capital holds 86 percent stake.

“Upon obtaining regulatory approval and the successful completion of the Reefy transaction, CI Capital will consolidate its position as one of the largest non-banking financial institutions in Egypt ranked by both portfolio and assets size, in addition to its market leading investment banking, securities brokerage, research, and asset management franchises,” CI Capital said in the statement.