Cairo – Mubasher: The board of directors of the Egyptian Media Production City (EMPC) approved to purchase the entire stake on the National Bank of Egypt (NBE) in Arabian Hospitality Co. at EGP 115 per share.

NBE’s stake in Arabian Hospitality Co reaches 33,200 shares, or 17.14%, the company said in a statement to the Egyptian Exchange (EGX) on Sunday.

This will raise EMPC’s stake in Arabian Hospitality Co to 27.98%.

It is noteworthy that during the first nine months of 2019, EMPC reported a net profit of EGP 62.48 million, down from EGP 62.58 million in the prior-year period.