National Bank of Egypt sells stakes in 6 companies

Al Mal newspaper disclosed on Tuesday the sale by state-owned National Bank of Egypt of its holdings in six companies for a combined total of £E 5.29 billion. Accordingly, the buyers were Abu Qir Fertilisers and Chemicals, Ezz Dekheila Steel, Egyptian Resorts, Alexandria Mineral Oils Company (AMOC), Sidi Kerir Petrochemicals and Misr Cement Qena.

The sale is linked to the failed attempt to auction off the state-owned bank Banque du Caire. Proceeds of the auction were expected to have been divided between National Bank of Egypt and another state bank, Banque Misr, to pay off the public sector's debts to both banks and finance their restructuring, the paper said.

There were no bank official to comment though because of public-sector banks holiday on Tuesday.

The sale of National Bank's stakes in the six companies took place on the last day of the fiscal year.

Source: Reuters