“There are no negotiations, either from near or much, on the sale of a share Egyptian Modern society for the Metropolis of Media Generation to the Saudi Sovereign Fund “, in accordance to the president of the firm, Abdel Fattah Al-Jabali, in Al-Sharq.
Al-Jabali’s statements occur in the wake of area stories on the path of the “Saudi Egyptian Investment Enterprise”, released by the Saudi Public Expense Fund on August 5, to invest in “media production” shares.
Two sources common with Saudi sovereign wealth fund investments in Egypt instructed Al-Sharq that the fund managers experienced not informed them of any desire in acquiring a stake in Egyptian stock-listed Media Production Town.
The Egyptian organization for the media manufacturing city was established in 1997 and the firm’s stock went community on September 26, 1999. At 09:13 GMT on Sunday, the company’s share was buying and selling at 5.57 EGP, up 10%.
The Saudi sovereign fund acquires stakes in 4 Egyptian companies for 1.3 billion pounds
The National Media Authority owns 45.3% of the company’s shares, the National Investment decision Lender 18.8%, the Countrywide Lender of Egypt 5% and Banque Misr 4%.
The company’s internet financial gain in the second quarter of this year improved a little to £ 53.8 million, from all around £ 53 million in the identical quarter a year in the past. Revenues have improved to £ 159.5 million from £ 155.5 million a yr in the past.
Firms detailed on the Egyptian inventory trade have not long ago acquired delivers to get them, from both Egyptian and Gulf corporations, amidst the sharp decline in current market share values.
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