Midfert Egypt hikes shareholding in EFIC

Al Ahly Pharos was the broker for the transaction that was concluded on 8 March 2023

Staff Writer, Mubasher

March 13, 2023

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Cairo – Midfert Egypt for Investment increased its equity ownership in Egyptian Financial and Industrial Company (EFIC) to 25.11% from 24.82%, according to a bourse filing.

Midfert Egypt purchased 213,818 shares in EFIC for EGP 10.61 million, at an average price of EGP 49.63 per share.

Meanwhile, Al Ahly Pharos was the broker for the transaction that was concluded on 8 March 2023.

In the January-December 2022 period, EFIC recorded consolidated net profits after tax worth EGP 755.85 million, higher than EGP 304.18 million in 2021.

Net sales enlarged to EGP 3.67 billion in 2022 from EGP 2.75 billion in 2021, whereas the basic earnings per share (EPS) widened to EGP 9.42 from EGP 3.53.

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