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Oil & Gas

Suez Canal Bank completes sale of its $30.6 mn stake in Midor to EGPC

Midor
Posted: June 2, 2020 at 8:47 pm   /   by   /   comments (0)

The Suez Canal Bank has completed the sale of its USD 30.6 mn stake in the Middle East Oil Refinery (Midor) to state-owned Egyptian General Petroleum Corporation (EGPC) after obtaining the necessary approvals from the Financial Regulatory Authority and the EGX, according to Masrawy.

The bank had agreed last month to sell its 1.27% stake in Midor to EGPC, which owns 78% of Midor. Cairo Capital Securities acted as the broker in the sale, reports the local press.

(Source: Enterprise.press)

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