Cairo – Mubasher: The National Investment Bank (NIB) reduced its ownership in Abu Dhabi Islamic Bank-Egypt (ADIB Egypt) to 2.40% from 10% for a total value of EGP 541.12 million.
NIB sold 30.40 million shares to Respond Investment at an average price of EGP 17.80, according to a bourse filing.
Following the transaction, Respond Investment held a 7.60% stake in the EGX-listed lender.
Meanwhile, EFG Hermes was the broker for the two transactions.
In the first nine months (9M) of 2022, ADIB Egypt reported consolidated net profits worth EGP 1.58 billion, higher than EGP 1.06 billion in 9M-21.
