Actis Exits Egypt-based Commercial International Bank and Uganda-based Umeme (MENA, Sub-Saharan Africa)

Source: Actis

Pan-emerging markets private equity firm Actis has realized its investment in Egypt-based Commercial International Bank (CIB), selling its remaining 6.5 percent stake to Canada-based financial services holding company Fairfax Financial Holdings. Actis previously sold a 2.6 percent stake to international investors in March 2014. Financial details of the transaction were not disclosed. Separately, Actis has sold part of its stake in Uganda-based electricity distributor Umeme for US$85.5 million. More than 20 new and existing institutional investors bought the shares in an oversubscribed secondary offering on the Uganda Securities Exchange and the Nairobi Stock Exchange. Actis plans to make additional shares available to local retail investors and Umeme’s directors and management team.