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Invesco Investment Funds raises stake in CIB

Invesco Investment Funds raises stake in CIB
The investment management firm purchased 1.157 million shares
CIB
COMI
-3.05% 80.00 -2.52

Cairo – Mubasher: AIM Investment Funds (Invesco Investment Funds) raised the stake in the Commercial International Bank – Egypt (CIB) to 5.008% from 4.92%.

The investment management firm purchased 1.157 million shares for EGP 76.8 million at an average price of EGP 66.38 per share, according to a bourse filing on Monday.

The Financial Brokerage Group (FBG) acted as broker for the transaction.

During the first six months of 2020, CIB logged EGP 4.997 billion in net profits, down from EGP 5.35 billion, including minority shareholders’ rights.