Mubasher: Kuwaiti firm Al Arabia Real Estate Company has sold its stake in the Egyptian Gulf Bank (EG Bank) for $10.17 million.

Kuwait Barraries Trading Company has purchased the Boursa Kuwait-listed company’s equity in EG Bank, equivalent to 5.64% based on the latest data, according to a recent bourse disclosure.

Al Arabia Real Estate expected net profits of nearly KWD 1.20 million, according to the currency exchange rate, after completing the transaction.

Last November, the Kuwaiti listed property developer sold its 5.47 million shares in Egypt's Sharm Dreams for Real Estate Development Company for KWD 2.10 million, equivalent to EGP 110 million at the time of the transaction.

In the first quarter (Q1) of 2022, EG Bank recorded consolidated net profits after tax worth EGP 193.75 million, up 23% from EGP 157.78 million in Q1-21.