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Alexandria Container acquires 13% stake in EGMPT

Alexandria Container acquires 13% stake in EGMPT
EGMPT was established in 2018 with a capital of EGP 500 million
Alex Cont
ALCN
-4.74% 34.20 -1.70

Cairo – Mubasher: Holding Company for Maritime and Land Transport’s board of directors approved the transfer of ownership of 13% of the total capital of the Egyptian Group for Multipurpose Terminals (EGMPT) to Alexandria Container and Cargo Handling Company.

Alexandria Container and Cargo Handling Company will pay its share in the capital after the completion of all procedures, according to a statement to the Egyptian Exchange (EGX) on Tuesday.

Accordingly, EGMPT is 20% owned by Holding Company for Maritime and Land Transport, 13% owned by Alexandria Container and Cargo Handling Company, 34% owned by Alexandria port authority (APA), and 33% owned by Suez Canal Authority (SCA).

It is noteworthy that EGMPT was established in 2018 with a capital of EGP 500 million.

During fiscal year 2018/2019, Alexandria Container and Cargo Handling Company’s net profits fell to EGP 1.85 billion, compared to EGP 2.44 billion in the prior fiscal year.