Cairo – Egypt Kuwait Holding raised its equity ownership in Bawabet Al Kuwait Holding Company (BKH) by 13.12%, making the total shareholding in the closed Kuwaiti firm reach 84.79%.
The EGX-listed company purchased the additional stake for nearly $66.40 million, according to a bourse filing.
Notably, BKH acquires 59.82% equity in Alexandria Fertilizers Company, hence, the ownership percentage of Egypt Kuwait Holding increased to 69.42% from 61.57%.
In the first nine months (9M) of 2022, Egypt Kuwait Holding posted net profits worth $312.09 million, compared to $173.09 million during the January-September 2021 period.
Revenues jumped to $809.87 million in 9M-22 from $544.14 million in 9M-21.
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