AC sells 4% stake in Mostakbal City to NBE, Banque Misr

Egypt’s construction firm Arab Contractors unveiled selling four percent share of its assets, exceeding 3 billion Egyptian pounds ($167.7 million) in Mostakbal City project to National Bank of Egypt (NBE) and Banque Misr.

Located in New Cairo, Mostakbal City is owned by the country’s El Mostakbal for Urban Development, said the Chairman of the state-owned firm Arab Contractors Mohsen Salah on Saturday.

“Arab Contractors’ stake in El Mostakbal for Urban Development reaches 15 percent,” Salah further told Amwal Al Ghad.

The Egyptian company said that his company and the two banks have earlier signed an agreement approved to get two percent share for each bank.

As for Mostakbal for Urban Development’s shareholders, they include National Bank of Egypt (NBE), Banque Misr, Investment Bank (NIB), Arab Contractors and Misr Financial Investments Company.