RHJ International ("RHJI") announces today that it has entered into an agreement to sell 63% of its stake in Commercial International Bank (Egypt) S.A.E. ("CIB") for a total cash consideration of USD 53.1 million, representing a capital gain of 107% to its initial purchase price. As part of a consortium led by Ripplewood Holdings L.LC., a leading U.S.-based private equity firm, RHJI had acquired its stake in February of 2006.
RHJI's remaining stake of 3.5 million CIB shares is valued at an equivalent USD 31.2 million at yesterday's closing price.
In addition to the sale of its stake in CIB, RHJI also disposed of a minority interest for total cash proceeds of EUR 15.9 million, yielding a capital gain of EUR 7.5 million and representing an absolute return of 90%.
Both transactions reinforce RHJI's cash position that is projected to amount to EUR 438 million upon closing of the CIB sale which is expected no later than July 22, 2009.
RHJ International (Euronext: RHJI) is a diversified holding company focused on creating long-term value for its shareholders by acquiring and operating businesses in attractive industries. For further information visit www.rhji.com |