Suez Canal Bank sells Midor stake for USD 30.6 mn

M&A WATCH- Suez Canal Bank sells Midor stake for USD 30.6 mn: The Suez Canal Bank has approved the sale of its 1.27% stake in the Middle East Oil Refinery (Midor) for USD 30.6 mn to the Egyptian General Petroleum Corporation, which owns 78% of the company, a bank statement said on Wednesday.

The sale comes less than two weeks after Suez Canal Bank agreed to lend EUR 3 mn to Midor’s electricity company, MidElec. MidElec signed a EUR 30 mn loan agreement with four banks to boost the capacity of its power plant which supplies the company’s oil refinery. The company will borrow EUR 12 mn from both the National Bank of Egypt and Credit Agricole, EUR 3 mn from the Suez Canal Bank, and EUR 3 mn from Faisal Islamic Bank.