Cairo – Mubasher: Al Ahly Capital is planning for divesting from Egyptian Resorts Company before the end of 2017, Company CEO Khaled Badawi said on Monday.
Al-Ahly Capital, the investment banking arm of Egypt's largest state-owned bank the National Bank of Egypt, owns a 4.5% stake in Egyptian Resorts Company.
The company’s profit is expected to increase to EGP 600 million during 2017 from EGP 355 million a year earlier, Reuters reported, citing Badawi as saying.
In November, Ostoul Securities Brokerage said that Al-Ahly Capital sold a 5% stake in Egyptian Resorts Company with a total EGP 57.17 million, bringing down its remaining stake in the tourist company to 4.5%.
NBE's investment arm also owns stakes in Sidi Kerir Petrochemicals (Sidpec), Alexandria Mineral Oils Co (AMOC), Abu Qir Fertilizers and Misr Cement-Qena.
