The Suez Canal Bank has decided to sell its full capital contribution in the Middle East Oil Refining Company (MIDOR) to the Egyptian General Petroleum Corporation (EGPC).
The Suez Canal Bank had owned a total of 560,000 shares, representing 1.27% of MIDOR’s capital.
In a statement to the Egyptian Exchange (EGX) on Thursday, the bank said that the deal was executed on the basis of a $54.7 per share price tag, with a total value of $30.6m.
It also indicated that the board of directors had approved an Osoul Arabia for Investment and Financial Consultancy (OIB) study which had determined the fair value of one share at about $47.73. The Board of Directors approval came after the study’s approval by the bank’s auditor.