Actis, a private equity firm focused on investments in emerging markets, sold about 2.6% of its holding in Egypt’s Commercial International Bank 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 said.
The second-biggest shareholder, as of the end of January, was OppenheimerFunds with 5.37 percent, according to Thomson Reuters data.
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