Mubasher: The Boursa Kuwait-listed Senergy Holding Co approved a request over purchasing its stake in National Drilling Co, which is listed on the Egyptian Exchange (EGX).
The stake buyer requested a reduction of $1.1 million from the value of the exit deal, according to a recent statement issued by Senergy.
Senergy said it is waiting for the Egyptian Financial Supervisory Authority’s (EFSA) approval for completing the exit and receiving $10 million.
The Kuwaiti company clarified that the approval for reducing the value came after the finalisation of the exit deal. It added that the flotation of the Egyptian currency, as well as other factors, affected the company’s market value.
