CAIRO - 21 August 2022: Egyptian Media Production City’s (EMPC) share topped the gainers of the Egyptian Exchange (EGX) session on Sunday after circulated news stating that the Saudi Egyptian Investment Company, affiliated with the Saudi Sovereign Fund, was going to buy a minority stake ranging between 10-25 percent of the company.
The share rose 10.65 percent by the end of the session, gaining LE 0.56, to end the session at LE 5.61, with a trading volume of 3.53 million and a turnover of LE 19.97 million.
According to
the news which were denied later on by the company, the deal will be done through the large-scale deal mechanism on the EGX, within the framework of the fund’s tendency to expand in a number of deals and acquisitions in the Egyptian market.
The EMPC said in a filing to the EGX, that it does not have any information regarding this piece of news.
This piece of news was reflected on the share of the company which hiked by 10 percent during Sunday's session, which made the EGX to suspend trading on the share for 10 minutes.
The share price of the Egyptian Media Production City increased by 11.24 percent after 1.25 hours of Sunday’s session, reaching the level of LE 5.64 and receded to LE 5.61 by the end of the session.
The National Media Authority owns 45.28 percent of the shares in the capital of the EMPC, while the National Investment Bank owns an estimated share of 18.78 percent, while the National Bank of Egypt owns 5 percent.
It is noteworthy that the Egyptian Media Production City Company achieved a net profit of LE 104.27 million during the first half of 2022, compared to LE 78.45 million in profits during the same period in 2021.
Egyptian Media Production City Co SAE has been listed on the EGX since September 1999. It was established in 1997 and it operates within the Media sector focusing on Movies and Entertainment.
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