ArabFinance: Banque Misr cuts its stake in International Company for Leasing (Incolease) (ICLE) to 11.18% from 15.03%, according to a shareholding disclosure filed to the Egyptian Exchange (EGX).

This came after the bank has sold 770,410 shares in Incolease for an average price of EGP 41 per share.

The shares’ sale transaction has been implemented at a total value of EGP 31.586 million.

On the other hand, shareholder Wael Tarek Mohamed Ismail has acquired a 9.99% stake in Incolease, representing 1.98 million shares, for a total value of EGP 81.18 million, according to a separate filing.

It is worth noting that three shareholders, namely the National Investment Bank (NIB), Misr Insurance Company, and Misr Insurance Life, have cut their stakes in Incolease.

Incolease is an Egypt-based company engaged in the provision of customer service and personalized financial solutions.

The company leases a range of assets, including commercial vehicles, machinery, information technology equipment, production lines, real estate, and other tangible and intangible long-term assets.