Cairo – Mubasher: The board of directors of the Egyptian Media Production City Co (EMPC) approved to purchase Banque Misr’s stake in Arabian Hospitality Co, according to a bourse statement on Sunday.

EMPC agreed to buy the entire stake of Banque Misr, which reaches 94,500 shares or 4.87% of Arabian Hospitality Co’s capital, at EGP 115 per share as estimated by the National Bank of Egypt (NBE).

It is worth mentioning that during 2019, EMPC’s net profits after taxes rose to EGP 105.13 million from EGP 93.4 million in 2018.