According to the bank’s website, the Suez Canal Authority Pension Fund already owns a 10.10% stake in the bank.
The Suez Canal Authority (SCA) has raised its stake in the Suez Canal Bank, acquiring around 15.76 million shares to bolster its stake from 0.001% to 3.427%.
The acquisition was valued at EGP 238.87 million ($4.89 million) with an average purchase of EGP 15.15 per share, according to a stock market disclosure from the bank.
According to the bank’s website, the Suez Canal Authority Pension Fund already owns a 10.10% stake in the bank.
The Suez Canal Bank recently reported a 188% growth in net profits for the first half of the year, hitting EGP 1.8 billion compared to H1 2023’s reported EGP 628.042 million.
Its total assets climbed from EGP 103 billion in H1 2023 to EGP 139 billion in June 2024, pushed by a 35% increase in deposits.
On the other hand, SCA has been dealing with several disruptions to trade in recent months, primarily the growing number of shipping companies diverting ships from the waterway 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% 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.
