Misr Life Insurance bought an additional stake in Al Baraka Bank Egypt (SAUD) for EGP 68.926 million, according to a disclosure by the Egyptian Exchange (EGX) on Tuesday.

The deal included 5.302 million shares bought at an average price of EGP 13 per share.

Accordingly, Misr Life Insurance’s stake in the bank increased to 7.26% from 5.26%.

Al Baraka Bank is an Egypt-based commercial bank and part of Al Baraka Banking Group, a Bahraini joint-stock company.

The bank is engaged in the provision of retail, corporate, and investment banking solutions, in accordance with the Islamic sharia principles, through a network of 32 branches located across Egypt.

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