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Saudi El-Raghi purchases 8 percent of Egyptian company
Egypt-Saudi Arabia, Business, 5/27/1999
The Saudi banking corporation El-Raghi purchased during the last week 8% of the Egyptian company El-Mohandes for insurance which is the share owned by the Malaysian Quantum insurance company.
The volume of the transaction reached 328,000 shares whose value reached 7.2 million pounds and the price of each share reached 21.5 Egyptian pounds.
El-Mohandes occupied an advanced position on the list of the 200 best insurance companies on the international level.
The prices of its shares was affected by a reduction in the prices witnessed by the Egyptian stock market from the end of the first quarter of 1997 until the beginning of the current year.
Previous Stories:
Mubarak approves construction of Aswan iron and steel complex
(5/22/1999)
U.S. - Saudi companies cooperate in technology
(5/17/1999)
Saudi company buys Egyptian seeds company
(5/14/1999)
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