Egypt’s Suez Canal Bank will sell its entire stake in Middle East Oil Refinery (Midor) for $30.6 million.
The 1.27 percent stake (560,000 shares) will be sold to Egyptian General Petroleum Corporation (EGPC) at $54.7 per share.
The bank reported a Q1 2020 net profit of 114.4 million Egyptian pounds ($7.3 million) compared to 128.6 million Egyptian pounds in Q1 2019.
(Writing by Gerard Aoun; editing by Seban Scaria)
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