Wednesday April 17th, 2024
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Banque Misr Generated EGP 3.1 Billion Exit Deals in 2023

The bank plans to exit seven further investments in 2024, to the tune of around EGP 1.5 billion.

Cairo Scene

Banque Misr Generated EGP 3.1 Billion Exit Deals in 2023

Banque Misr generated around EGP 3.1 billion last year after selling its stake in a number of investments in 2023, including paint and chemicals company Pachin, Al Ezz El Dakheila Steel, and Alexandria Petroleum Additives. The bank plans to exit seven further investments this year, generating approximately 1.5 billion pounds.

As it stands, Banque Misr, which is the country’s second-largest government bank, has an investment portfolio of 165 companies worth around EGP 70 billion. It recently sold some of its assets to investors in order to provide much-needed dollar liquidity, raising up to USD 5.6 billion from the sale of stakes in 14 companies; additional upcoming asset sales are predicted to generate another USD 1 billion.

Scarcity of foreign currency has been a source of major concern in Egypt in recent years, with existing issues of inflation exacerbated by the Russia-Ukraine war and rising interest rates in the US. In the last 22 months, the value of the pound against the dollar has dropped by more than 96%.

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