Cairo – Mubasher: Egypt Kuwait Holding (EKH), listed on the Egyptian Exchange (EGX) and Boursa Kuwait, has raised its stake in Mohandes Insurance to 20.38% from 9.98%.

The company purchased 7.79 million shares for a value of EGP 109.78 million at a nominal value of EGP 14.08 apiece, according to a statement to the Egyptian Exchange (EGX) on Thursday.

In a separate statement, the National Bank of Egypt (NBE) sold its entire stake of 9.94% in Mohandes Insurance, amouting to 7.45 million shares, for EGP 104.96 million at a nominal value of EGP 14.08 apiece. 

During the first quarter (Q1) of fiscal year 2020/2021, the insurer logged net profits of EGP 30.008 million, slightly up from EGP 30.003 million in the year-ago period.