The publicly listed company, Suez Canal Bank, says it will withdraw entirely from Middle East Oil Refinery (Midor), Zawya reports.
The operation will generate $30.4 million for Suez Canal Bank as 1.27 percent stake (560,000 shares) will be sold to Egyptian General Petroleum Corporation (EGPC) at $54.7 per share.
The financial service institution posted a Q1 2020 net profit of 114.4 million Egyptian pounds ($7.3 million) compared to 128.6 million Egyptian pounds in Q1 2019, Zawya notes.
The bank established in 1978 employs around 1,182 people across Egypt.
The Egyptian government-controlled Midor has a business portfolio that includes refining of crude oil; and manufacture and distribution of petroleum products including gasoline, jet and diesel fuel, coke, low sulfur and liquefied petroleum gas.
