Egypt Kuwait Holding acquires stake in Mohandes Ins.
Friday, 06 19 2020, Category: Insurance and Reinsurance, Country: Egypt
Egypt Kuwait Holding (EKH), listed on the Egyptian Exchange (EGX) and Boursa Kuwait, purchased a 9.98% stake in Mohandes Insurance, Pharos Securities Brokerage said in a statement to the Egyptian bourse on Wednesday.
The dual-listed firm acquired 5.99 million shares at a total value of EGP 105.4 million or EGP 17.6 per share.
Moreover, a shareholder named Mohamed Hassan Amin Attia cut his stake in Mohandes Insurance to 0.009% from 9.92% after selling 5.59 million shares for EGP 104.72 million.
It is noteworthy to mention that during the first half of fiscal year 2019/2020, the insurer achieved net profits of EGP 72.36 million, compared to EGP 63.09 million in the prior-year period.