EGX: 1st Deal of Block Trading Mechanism worth EGP2.1bn on 6.5% of CIB

The Egyptian stock exchange (EGX) witnessed today, the first deal of Block Trading Mechanism.  The deal is worth 2.1 billion Egyptian Pounds on  6.5% of the shares of Commercial International Bank – Egypt sold by Actis to Fairfax Financial Holdings Ltd “Fairfax”.  Shares were priced at 36.34 EGP per share & volume of deal reached 58.54 Million shares. 

It is worth mentioning that Actis sold also in March of the current year 2.6% of CIB to international investors.

Dr. Mohamed Omran, Chairman of the Egyptian Exchange (EGX) issued yesterday an executive decision to organize using the mechanism for large volume transactions, also known as “Block Trading”, to protect the market and its participants from the influence of the change in prices as a result of the huge trades that is traded in different prices from that of the market.