Faisal Bank sells 14.8% of Al Kholoud For Real Estate Investment

Faisal Islamic Bank sold 524.454 shares of its capital shares of Al Kholoud For Real Estate Investment, which is 14.8% of the total shares of the Company in return for $10.163 million, as the share was valued by $19.38 million. After the purchasing deal, Faisal Bank’s share reached 25.2%.

According to the Bank’s non-consolidated financial statements in the year ended on December 31 2011, the total volume of Faisal Bank’s investments reached EGP 761.5 million, 3.5% up from the 2010’s investments which reached EGP 735.9 million. Faisal Bank’s non consolidated profit retreated by 44.7%, in value to EGP 151.2 million, registering EGP 186.5 million at the end of 2011, compared with EGP 337.8 million in 2010.