Cairo - Mubasher: The board of directors of Societe Arabe Internationale De Banque (SAIB) agreed to sell the bank’s stake in Pyramids Paper Mills (Flora). SAIB owns 8.53% of the total shares of Flora.
SAIB added that work is underway to complete the selling procedures, according to a stock exchange filing on Sunday.
It is noteworthy to mention that in the first half (H1) of 2022, the net earnings of SAIB totalled $16 million, up 79% when compared to $8.95 million in the corresponding period in 2021.
Interest income for the six-month period ended 30 June 2022 fell by 7% during H1-22 to $184.68 million, compared to $197.79 million in H1-21.
