Egypt's largest bank buys up shares in clothes manufacturer
Egypt's largest bank has bought shares in garment maker Concrete
Egypt's Commercial International Bank (CIB) has acquired a 38 per cent share in garment maker Concrete, the bank said on Monday in a statement to the stock exchange.
The LE152 million ($25.3 million) deal was announced at the beginning of 2012. Al-Arafa Holding still owns 52 per cent of Concrete, one of Egypt's top menswear brands.
Concrete saw total revenues of LE96 million in the first half of 2012 and LE205 million in 2011.
Its share price fell 1 per cent by midday trading on Monday, to sit at LE32.65 per share.
The bank reported record third quarter financial results, as net income grew by an annual 94 per cent mainly due to investment in government securities.
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