Egypt: Suez Canal Bank exits 4 subsidiaries for $2.85mln

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The lender sold a total of 39.66% of Al Shorouk Industrial Fibers Company’s (Al Sharif Market) shares

Staff Writer, Mubasher

December 2, 2024

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Suez Canal Bank sold its shares in four subsidiaries at a combined value of EGP 142 million, according to a bourse filing.

The lender sold a total of 39.66% of Al Shorouk Industrial Fibers Company’s (Al Sharif Market) shares.

It also executed sales deals for its contribution to Ismailia Tourism Company amounting to 4.17% and the Suez Canal Trade and Agricultural Development with 8.13%.

Suez Canal Bank gave up on its 0.02% equity in Misr Clearing Company for Central Depository and Registry.

Last October, the lender signed an EGP 1.20 billion loan deal with Raya Information Technology, a subsidiary of Raya Holding for Financial Investment.

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