Al-Watany Bank acquires 34 percent of Nile Cotton Ginning
Al-Watany Bank Of Egypt (AWB) has increased its stake in Nile Cotton Ginning (NCG) from 5.11 percent to 33.68 percent in a recent deal. The total number of shares owned by AWB in NCG has now reached 1,983,437.
AWB has acquired 1,682,537 shares, valued at 60.52 million Egyptian pounds ($13 million) in addition to its existing stake in the company.
NCG is involved in trading cotton locally and internationally, extracting, refining, and producing edible oils, butter and animal feed. The company owns fixed assets including land, production, and storage facilities valued at approximately EP 750 million. — (menareport.com)
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