Egypt's Banque Misr trims stake in Pachin

Banque Misr has reduced its stake to 11.48% from 12.08%

  
People walk in front of Banque Misr in Cairo, Egypt, November 3, 2016. Image used for illustrative purpose.

People walk in front of Banque Misr in Cairo, Egypt, November 3, 2016. Image used for illustrative purpose.

REUTERS/Mohamed Abd El Ghany
Cairo –  Banque Misr has reduced its stake in Paint and Chemicals Industries (Pachin) to 11.48% from 12.08%.

The banks sold 144,000 shares for EGP 3.9 million, averaging EGP 27.12 per share, according to a statement to the Egyptian Exchange (EGX) on Thursday.

In the first nine months of fiscal year 2020/2021, Pachin reported net profits of EGP 50.12 million, versus net losses of EGP 4.14 million in the year-ago period.

The sales increased to EGP 629.34 million in the nine-month period ended 31 March, compared to EGP 585.6 million in the corresponding period a year earlier.

Source: Mubasher

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