Cairo – Mubasher: Suez Canal Bank announced the sale of its 1.27% stake in Middle East Oil Refinery Co (Midor), representing 560,000 fully-paid shares.  

The stake was sold to the major shareholder Egyptian General Petroleum Corporation (EGPC) for $30.6 million, according to a statement to the Egyptian Exchange (EGX) on Monday.

The lender decided to exit its stake in Midor in a bid to strengthen its capital base and capital adequacy rate with the profits generated from the deal, $5.7 million before taxes and expenses.

It is noteworthy to mention 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.