ADIB Egypt sees sale, purchase of $2.57mln equity

The company sold 3mln shares in the bank

  
General view of Abu Dhabi Islamic Bank logo on January 4, 2017 in Dubai, United Arab Emirates.

General view of Abu Dhabi Islamic Bank logo on January 4, 2017 in Dubai, United Arab Emirates.

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Cairo – Emirates International Investments – Egypt has exited its 1.5% equity ownership in Abu Dhabi Islamic Bank – Egypt (ADIB Egypt) on 21 November.

The company sold 3 million shares in the bank for an average sale price of EGP 13.5 per share. The total value of the transaction reached EGP 40.51 million, according to a bourse filing on Sunday.

In a separate disclosure, ADIB Egypt noted that Emirates International Investments LLC purchased 3 million shares for EGP 40.51 million. The company has increased its stake in the bank to 13.44% from 11.94%.

Prime Securities has acted as the broker for both the sale and purchase transactions.

Source: Mubasher

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