Suez Canal Authority Ups Stake in Suez Canal BankSource: www.export-egypt.com 8/25/2024, Location: Africa |
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The Suez Canal Authority (SCA) increased its ownership in Suez Canal Bank, purchasing approximately 15.76 million shares and raising its stake from 0.001 percent to 3.427 percent.
This acquisition, valued at LE 238.87 million ($4.89 million), was made at an average price of LE 15.15 per share, according to a stock market disclosure from the bank. The Suez Canal Authority Pension Fund, as noted on the bank’s website, already holds a 10.10 percent stake in the bank. Recently, Suez Canal Bank reported a 188 percent increase in net profits for the first half of the year, reaching LE 1.8 billion compared to LE 628.042 million in the same period of 2023. The bank's total assets grew from LE 103 billion in H1 2023 to LE 139 billion by June 2024, driven by a 35 percent rise in deposits. In contrast, the SCA has faced several disruptions to trade recently, primarily due to a rising number of shipping companies rerouting their vessels from the canal as a result of continued attacks on sea vessels by Houthi forces in the Red Sea. The Suez Canal reported that revenues for FY2023/2024 fell by 23 percent year-on-year to $7.2 billion. The attacks have led shipping prices to rise, affecting import costs across several countries, as well as increased emissions and delayed arrivals due to longer routes. |
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