A Kuwaiti investor recently approached Al-Ahli Bank of Egypt to purchase its shares of MIDOR oil refinery, previously held by the Israeli private sector.
Israeli stockholders sold their holdings in the project following the rise of political unrest between the Israelis and Palestinians, according to Al-Hayat daily.
The unnamed Kuwaiti investor offered $180 million in exchange for 20 percent of the company’s shares. However, Al-Ahli, which purchased this portion of the share from the Israeli Merhav Group for 600 million Egyptian pounds ($154.8 million), is demanding $200 million for this share.— (MENA Report)
© 2001 Mena Report (www.menareport.com)
