VOL. XL No. 1621-April-1997EGYPTEgypt Sells Stake In Joint-Venture Bank

The Egyptian Capital Markets Authority (CMA) announced on 14April that the state has sold 26.47% of its shares in the joint-ventureAlexandria Commercial and Maritime Bank (MEES, 31 March). According to press reports,the government sold 300,000 shares at E301 ($88.7) each, making the sale worth E90.3mn($26.6mn) and putting a nominal value on the bank of E341mn ($101mn). The bank had assetsat the end of1996 of E1.09bn...