SAIB sells entire stake in Pyramids Paper Mills for $2.85mln

Reuters Images/Mohamed Abd El Ghany

The EGX-listed lender has sold 110,900 shares in Flora to an investor

Mubasher, Mubasher

August 29, 2022

PHOTO

Cairo - Societe Arabe Internationale De Banque (SAIB) has completed selling its 8.53% stake in Pyramids Paper Mills (Flora) for EGP 3.85 million.

The EGX-listed lender has sold 110,900 shares in Flora to an investor, according to a stock exchange statement on Monday.

Earlier this month, SAIB's board of directors agreed to sell the bank’s stake in Pyramids Paper Mills.

It is noteworthy to mention that in the first half (H1) of 2022, the net earnings of SAIB totalled $16 million, up 79% when compared to $8.95 million in the corresponding period in 2021.

Interest income for the six-month period ended 30 June 2022 fell by 7% during H1-22 to $184.68 million, compared to $197.79 million in H1-21.

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