Egypt - Techno Lease increases stake in Mohandes Ins.
Friday, 07 10 2020, Category: Insurance and Reinsurance, Country: Egypt
Mohandes Insurance Company stated that Techno Lease raised its stake from 13.9765% to 16.4765%, according to the company's July 9th statement filed to the Egyptian Exchange.
Techno Lease purchased 1,500,000 shares at an average price of EGP 17.60 per each, with a total amount of EGP 26,400,000.
The insurance company reported a standalone net profit of EGP 88,069,807 in the first nine months of the fiscal year 2018/2019, a 10% increase from the EGP 80,088,250 posted in the corresponding period a year earlier.
Mohandes Insurance is an Egypt-based public shareholding company engaged in the insurance sector. The company offers life and non-life insurance, and reinsurance products and services. Its products and services portfolio falls into two main insurance segments, namely individual insurance and property insurance.