Agricultural Credit To Acquire Aviation Holding’s Stake In Iskan Insurance

The Civil Aviation Finance Holding Company will sell its stake in Iskan Insurance Company amounting to 5.9% to the Principal Bank for Development and Agricultural Credit (PBDAC), an official source told Amwal Al Ghad. After the sale, the bank will acquire a stake amounting to 11.2%.

The shareholding structure of Iskan Insurance Company is divided among the Civil Aviation Finance Holding Company which acquires a stake of 5.9%, Principal Bank for Development and Agricultural Credit, Egypt National Air Navigation Services Company, Smart Aviation Company, Egyptian Airports Company and Civil Aviation Developing and Supporting Fund as each one acquire a stake of 5.3%.

The shareholders also include the Egyptian Arab Land Bank, Nasser Social Bank, Investment and Development Holding Company, Taamir Mortgage Company, Fenby Financial Investments Company, Misr Tameer Company, Arab Company for Projects and Urban Development and the Egyptian Awqaf (Islamic Affairs and Endowments) Authority and each acquire 6.6% stake. Housing and Development Bank acquires stake of 7.5% in the Company. Housing and Development Real Estate Investment Company acquires stake of 5.3% and Housing and Development Bank Employees Fund acquires stake of 1.3%, while the individual shareholders acquire stake of 0.7% in the company.