10 Jan
EK Holding sells stake in International Pipe for $20 mln

Amira Kazem wrote: Egypt Kuwait Holding Co. (EK) Investor Relations Manager, Sahar Farahat, stated that the company sold its 25% stake (100.000 shares) in International Pipe Industry Co. to Kuwait Pipe Industries & Oil Services (KPIOS) for a total value of $20 million. EK has previously announced the incorporation of National Electric Technology Co. to design, construct and run power plants and distribution networks. In 2007, the company won many contracts to build power plants. Procurement and installation operations are in the final stages to operate the plants. The company also incorporated Gas Chill to set up central cooling stations and air conditioning systems through using natural gas. EK is studying a number of offers. The holding company is capitalized at $173.407.975, divided into 693.631.900 shares at $0.25 par value each.