Al Ahly Capital Holding, owned by the National Bank of Egypt (NBE), increases its equity in Alexandria Mineral Oils Company (AMOC) from 18.1% to be 25.3% though the purchase of 5.6m shares valued at EGP 229.6m, reported Al Mal News.

El Rowad for Security Brokerage handled the transaction, with shares trading at EGP 41. The transaction resulted in the decrease of  Misr Financial Investments Company (MFIC) in AMOC from 15.14% to 8.76%.

In related news, AMOC’s CEO, Amr Mostafa, stated that the company contributed in covering local demand of petroleum derivatives during fiscal year 2015/2016 by producing 564,000 tons of diesel, naphtha and butane, 117,000 tons of oils and waxes, in addition to 910,000 tons of mazut worth $485m. AMOC also exported 62,000 tons of paraffin wax for $52m. During the fiscal year, the company achieved total earnings after tax of EGP 435m which was a 28% increase from the previous fiscal year.