Cairo –  Banque Misr has sold its 9.98% stake in the Egyptian Financial and Industrial Company (EFIC), according to a recent bourse statement.

The Cairo-based lender sold a total of 7.26 million shares in the EGX-listed firm for EGP 145.30 million, at an average price of EGP 20 per share.

The Commercial International Brokerage Company (CIBC) acted as the broker for the transaction.

During the first half (H1) of 2022, EFIC logged standalone net profits worth EGP 247.40 million, an annual leap of 562% from EGP 37.40 million.

Meanwhile, the company’s sales jumped by 114% year-on-year (YoY) to EGP 847.50 million in H1-22, compared to EGP 396.10 million.

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