Egypt's Suez Canal Bank to sell entire stake in Midor

The 1.27% stake will be sold to Egyptian General Petroleum Corporation (EGPC)

  
Image used for illustrative purpose only. Traders work at the Egyptian stock exchange in Cairo, May 28, 2015.

Image used for illustrative purpose only. Traders work at the Egyptian stock exchange in Cairo, May 28, 2015.

REUTERS/Mohamed Abd El Ghany

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)

( gerard.aoun@refinitiv.com )

#Egypt #Bank #Midor #Finance #Suez Canal Bank

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