National Societe Generale Bank (NSGB) denied that it reached an agreement with Qatar National Bank (QNB) concerning the acquisition offer.
The bank said it did not set a certain price over the deal as Société Générale is still in negotiations with QNB to sell its 77.1% stake in its arm in Egypt.
The bank denied what was published in some websites that it set a price of US$ 2.8 billion to sell its stake. NSGB will announce any new updates as per the laws.
The Egyptian Exchange (EGX) decided to suspend trading for National Société Générale Bank – NSGB – (NSGB.CA)’s stock till receiving a reply from the lender for its inquiries about the news published in a website about completing due diligence.
The capital of NSGB is EGP 4.4 billion divided on 443.5 million shares with a par value of EGP 10 per share. The listed investment funds and individual investors acquire stake of 22.8% in the bank.
NSGB, owned by France’s Société Générale, acquired Misr International Bank in 2005 with EGP 1.6 billion before merging with the bank to be NSGB.
