Alexandria Mineral Oils Company (AMOC) transferred 455 shares from Alexandria Wax Products Company, one of its affiliates, to the Egyptian General Petroleum Corporation (EGPC), Al Borsa News reported.

The deal was executed at the share’s par value, which is EGP 100 per share during the September 30 session, according to AMOC.

Moreover, AMOC’s board of directors approved transferring a 5% stake from Alexandria Wax Products Company to EGPC at the beginning of August.

According to AMOC, this decision is attributed to the Joint Stock Companies Law number 159 of the year 81 and amended by law number 4 of the year 2018, which stipulates the necessity of distributing the ownership of a joint-stock company to at least three companies.