Cairo – Mubasher: Banque Misr has reduced its stake in Paint and Chemicals Industries (Pachin) to 11.48% from 12.08%. 

The banks sold 144,000 shares for EGP 3.9 million, averaging EGP 27.12 per share, according to a statement to the Egyptian Exchange (EGX) on Thursday. 

In the first nine months of fiscal year 2020/2021, Pachin reported net profits of EGP 50.12 million, versus net losses of EGP 4.14 million in the year-ago period. 

The sales increased to EGP 629.34 million in the nine-month period ended 31 March, compared to EGP 585.6 million in the corresponding period a year earlier.