Cairo – Mubasher: Pharos Holding Research on Monday upgraded the fair value (FV) for Egypt Kuwait Holding (EKH) to $0.89 per share from $0.86 per share.

This came as a result of the completion of EKH’s 15% stake sale in I-Squared Capital Investment for $60 million last week, Pharos noted.

Pharos said that its previous “EHC valuation of $0.04 per share was taken at book value $37 million, the sale at $65.2 million translates into a $28 million capital gain to be booked in the third quarter of 2017, with EKH’s cash position increasing by $14 million in Q3-17 as $51 million was previously booked in Q2-17.”

EKH has also finalised the sale of its 26% stake in the Egyptian Hydrocarbon Company (EHC) for $65.2 million, the research firm added.