Cairo – Mubasher: The board of directors of Suez Canal Bank approved a fair value (FV) assessment of the Middle East Oil Refinery Co’s (Midor) stock ahead of its exit from the company.

The FV of Midor’s stock has been set at $47.73, according to a statement to the Egyptian Exchange (EGX) on Thursday.

The lender approved an offer to sell its entire stake of 1.27% or 560,000 shares in Midor to the major shareholder Egyptian General Petroleum Corporation (EGPC) at $54.70 per share, totalling $30.6 million.

It is noteworthy that during the first quarter of 2020, Suez Canal Bank logged net profits of EGP 114.35 million, down from EGP 128.56 million in Q1-19.