Bayt EL Khebra for leasing (Technolease) has announced its acquisition of 9.89% stake of Mohandes Insurance Company.

The acquisition saw Technolease purchase 5.94m of Mohandes shares at a total value of EGP 104.555m.

The average purchase price stood at EGP 17.6 per share, with Osool Securities Brokerage acting as the broker of the deal.

Mohandes Insurance Company recorded a net profit of EGP 72.36m in the first half (1H) of the current fiscal year (FY) 2019/20, compared to EGP 63.09m in 1H 2018/19.

The company’s insurance activity surplus increased to EGP 87.57m in 1H 2019/20, compared to EGP 74.4m in 1H 2018/19.