Banque Misr Restructures Investments In Subsidiaries

Banque Misr has started to restructure its investments in stocks and subsidiary and sister companies which are valued at EGP 20 billion.

A source said the restructuring process will take up to five years, but if the political and economic situations stabilize, this process will end earlier.

The bank has recently offered some of its investments in petrochemicals, health care and food industries for sale and received purchasing offers from a number of investors some of which are Arab, the source added.

Disinvestment through going public in the Egyptian Exchange (EGX) will not be feasible in the meantime especially that most investors are awaiting the political and economic scenes to be clearer in order to start their investments, the source affirmed.

Banque Misr has shares in about 22 sectors divided as such: EGP 10 billion in financial and banking sectors and EGP 10 billion in industry, tourism, housing, agriculture, food industries, services, information technology, and communications as well as other sectors.