Cairo – Mubasher: Egypt Kuwait Holding (EKH) has raised its direct and indirect shareholding in Alexandria Fertilizers Co (AlexFert) to 55.6% from 45.57% in two transactions worth $50.02 million.

The first transaction involved the purchase of an additional stake in AlexFert for $14.72 million, raising the company’s direct interest to 17.04% from 12.88%, according to a bourse disclosure on Wednesday.

Egypt Kuwait Holding also acquired an additional stake in Bawabat Al Kuwait Holding Co, including the latter’s 59.82% interest in AlexFert, in a deal worth $35.3 million.

This brings the company’s indirect stake in AlexFert to 38.36% from 32.59%.

Bawabat Al Kuwait Holding Co holds several interests in other companies as well as financial investments worth $150 million.

During 2020, Egypt Kuwait Holding achieved net profits of $116.296 million, up from $115.601 million a year earlier, including minority shareholders’ rights.