FIMBank p.l.c. (MTSE:FIM) signed a share purchase agreement to acquire remaining 50% stake in Egypt Factors Ltd from International Finance Corporation and Commercial International Bank -Egypt S.A.E (CASE:COMI) for $1.35 million on July 28, 2016. The consideration for the transfer of shares in Egypt Factors amounts to $1.35 million. In accordance with the share purchase agreement, $0.8 million were paid immediately to the seller, with the balance of $0.55 million remaining in escrow (and managed by an appointed Escrow Agent) pending the potential collection by Egypt Factors of selected receivables amounting to $1.44 million. Upon the collection of such receivables, the said balance of $0.55 million will be released by the Escrow Agent in favour of the seller. In case if receivables are not collected within the stipulated period of two years and two months from acquisition date, the $0.55 million, or part thereof, will be returned to the Group. On acquisition date it is expected that such receivables will be collected in full within the stipulated period.

FIMBank p.l.c. (MTSE:FIM) completed the acquisition of remaining 50% stake in Egypt Factors Ltd from International Finance Corporation and Commercial International Bank -Egypt S.A.E (CASE:COMI) on July 28, 2016.