Egypt’s Suez Canal Bank has come to a decision to sell its full stake in Middle East Oil Refinery (MIDOR) to Egyptian General Petroleum Corporation (EGPC) for $30.6 million. MIDOR is supposedly Africa’s most advanced refinery.
Earlier, the bank owned a sum total of 560,000 shares, which constituted 1.27% of MIDOR’ capital, and will now be sold at $54.7 per share. This deal comes in a statement by the Egyptian Exchange on Thursday.
Reportedly, The FV set by the Egyptian Exchange for MIDOR’s stock is at $47.73, approved by the board of directors after the approval of Investment and Financial Consultancy study by the Suez Canal Bank’s auditor.
Suez Canal Bank made an impressive net profits of EGP 114.35mn in the first quarter of this year, as compared to EGP 128.56mn in 2019.
MIDOR with its enterprise portfolio has crude oil refining, with by-products like gasoline, coke, low sulfur, jet and diesel, and liquified petroleum gasoline, together with manufacturing and distribution of petroleum goods.