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EMPC’s board nods to acquiring stakes in Arabian Hospitality

EMPC’s board nods to acquiring stakes in Arabian Hospitality

ArabFinance: The board members of the Egyptian Media Production City (EMPC) (MPRC) approved on August 8th the acquisition of several equities in Arabian Hospitality Company, according to the company’s disclosure to the Egyptian Exchange (EGX).

EMPC purchased 332,000 shares owned by the National Bank of Egypt (NBE), a decision that was ratified last year.

The company also acquired 94,500 shares of Banque Misr. This is in addition to buying 25,354 shares of Mir Insurance Co and 21,896 shares of Misr Life Insurance.

EMPC also acquired the 1.20 million shares of Arab Contractors and its subsidiaries.

Following this decision, EMPC now owns 97.55% in Arabian Hospitality.

The EGX-listed company earlier announced a net profit of EGP 51.67 million for the period ended on June 30th.

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