Suez Canal Bank cuts stake in Mohandes Insurance for EGP 33m

Cairo – Mubasher: Suez Canal Bank reduced its stake in Mohandes Insurance to 0.00007% from 3.06%.

The transaction involved the sale of 2.29 million shares for EGP 33.33 million, averaging EGP 14.55 per share, according to a statement to the Egyptian Exchange (EGX) on Thursday.

In a separate statement, it is disclosed that the Insurance Fund of Suez Canal Authority Employees raised its stake in Mohandes Insurance to 9.99% from 6.94% for EGP 33.33 million.

During the first half (H1) of fiscal year 2020/2021, the insurer achieved net profits of EGP 69.43 million, compared to EGP 72.36 million in the year-ago period.

The company’s revenues retreated to EGP 79.88 million in the July-December period of 2020 from EGP 94.5 million in the corresponding period a year earlier.

Mubasher Contribution Time: 08-Apr-2021 13:44 (GMT)
Mubasher Last Update Time: 08-Apr-2021 13:54 (GMT)