Cairo – National Investment Bank (NBI) has reduced its equity ownership in Misr Beni Suef to 15.02% from 20.10%, according to a bourse disclosure

The lender sold 4.87 million shares in the EGX-listed firm for EGP 153.56 million at an average price of EGP 31.50 per share.

Prime Securities acted as the broker for this equity reduction transaction that was concluded on 11 June.

In the first quarter (Q1) of 2023, Misr Beni Suef recorded higher net profits after tax at EGP 61.36 million, compared to EGP 47.65 million in Q1-22.

The sales dropped to EGP 276.32 million in Q1-23 from EGP 436.38 million in Q1-22, while the earnings per share (EPS) increased to EGP 0.90 from EGP 0.57.

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