Cairo – Mubasher: Sidi Kerir Petrochemicals (Sidpec) on Sunday announced it has finalised the ownership transer deal for 20% shares from Alexandria for Sodium Carbonate Company at a value of $3 million.

The transaction was implemented last Thursday through 12.9 million shares, or $0.32 per share, the company said in a filing to the Egyptian Exchange (EGX).

Sidpec previously said that the general assembly was set to be held on Sunday, 21 October to consider the acquisition of one of the Egyptian chemicals firms.

Sidpec last reported a 12.2% year-on-year increase in net profit for the first half of 2018, logging EGP 681 million, versus EGP 607 million.

Moreover, sales rose slightly to EGP 2.7 billion at the end of June from EGP 2.6 billion in H1-17.