Cairo – Mubasher: The board of directors of the Egyptian Media Production City Co (EMPC) approved the acquisition of several stakes in the Arabian Hospitality Company.

EMPC acquired the stakes of the National Bank of Egypt (NBE), Banque Misr, Mir Insurance Co, Misr Life Insurance, as well as Arab Contractors and its subsidiaries, according to a bourse disclosure on Sunday.

The deal will raise EMPC’s stake in the Arabian Hospitality Company to 97.55%.

It is worth mentioning that during the first (H1) of 2020, EMPC achieved net profits of EGP 51.67 million, up from EGP 48.13 million in the year-ago period.