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Suez Canal Bank said Suez Canal Authority has acquired approximately 15.76 million shares in the lender for 238.87 million Egyptian pounds ($4.89 million).
The stake was acquired at an average purchase of EGP 15.15 per share, Suez Canal Bank said in a regulatory disclosure on the Egyptian stock exchange where its stocks trade.
The Suez Canal Authority (Pension Fund) already owns 10.10% in the lender
The commercial bank recorded a net profit of EGP 1.807 billion in H1 2024, compared to EGP 628.042 million in H1 2023.
(Writing by Brinda Darasha; editing by Seban Scaria)
