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Monday, 30 March 2020

Sale of Egypt's NSGB finalised

Qatar National Bank purchases 97 percent of shares in National Société Générale Bank; Egyptian bourse says the latter's shares will be excluded from the EGX30

Ahram Online, Thursday 28 Mar 2013
Nationale Societe Generale Bank (NSGB)
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Views: 1470

The Egyptian stock exchange has said it will exclude National Société Générale Bank (NSGB) from its main index, the EGX30, after its sale to Qatar National Bank (QNB) was completed.

QNB has acquired 430,782,421 NSGB shares, representing 97 percent of the total, at LE38.65 ($5.68) per share, the bourse stated on Thursday.

The bank will be excluded from the EGX30 and other indices, effective from 7 April 2013, because it does not meet the index's criteria, the bourse added. 

Earlier this week, Egypt's tax authority said shareholders and investment funds that make capital gains from the QNB purchase of Cairo-based NSGB would face a 10 percent tax on those gains.

The NSGB share price had plunged by 8.4 percent at the end of Thursday's session. 

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