National Drilling sees change in shareholding structure
Updated 3/18/2021 10:26:00 AM
ArabFinance: National Drilling Company (NDRL) announced that its shareholder Ahmed Rashad sold a full stake in the company, the company said in a statement to the Egyptian Exchange on March 18th.
Rashad sold 4.45 million shares worth $20.87 million (EGP 328.23 million).
In a separate statement, Verto Holding purchased 4.5 million shares worth $21.1 million (331.84 million), raising its stake to 90%.
The company posted a net profit of $507,887 (EGP 7.94 million) in the first nine months of 2020.
National Drilling is an Egypt-based company engaged in the provision of oil field drilling services. The company provides technical support and services for fields drilling operations through managing its four land drilling rigs, which are all presently contracted in Libya. Its scope of services also includes the provision of rigs associated equipment, selling and storing related machinery, as well as trading in related spare parts.
*At press time, the conversion rate is $1 = EGP 15.73.
