Cairo – Mubasher: Banque Misr sold its entire shares in the capital of Al Ezz Dekheila Steel – Alexandria at a value of EGP 534.20 million.
The lender pointed out that the share of public funds amounted to EGP 7.60 billion, according to a statement.
Mohamed El-Etreby, Chairman of Banque Misr, stated that the transaction aligns with the government's general strategy to withdraw from some contributions to encourage the role of the private sector.
El-Etreby indicated that the bank will use the proceeds of the exit to enter into new contributions that boost sustainable development and drive the growth of companies by increasing their capital.
Akef Al-Maghraby, Vice Chairman of Banque Misr, underlined that about 72% of the deal was financed in hard currency, which supports the state’s goal of obtaining dollar resources.
In the first quarter (Q1) of 2023, Al Ezz Dekheila Steel turned to consolidated net losses after tax valued at EGP 2.35 billion, compared to net profits worth EGP 1.19 billion a year earlier.
The company’s sales hiked to EGP 25.03 billion in January-March 2023 from EGP 17.16 billion in Q1-22.
