Cairo – Mubasher: The Egyptian Saudi Insurance House sold its entire stake of 17.07% in Real Estate Egyptian Consortium for EGP 64.88 million.
The transaction involved the sale of 6.83 million shares at a value of EGP 9.5 apiece, according to a disclosure to the Egyptian Exchange (EGX) on Wednesday.
In a separate statement, the company said that Target For Real Estate Investment, Development, Agricultural Reclamation and Tourism Development raised its stake in Real Estate Egyptian Consortium to 19.64% from 13.61%.
The deal included the purchase of 2.41 million shares at a value of EGP 22.84 million, averaging EGP 9.46 per share.
In addition, it was disclosed that the shareholder Mohamed Abdel Nasser Hamed Mahmoud increased his stake in Real Estate Egyptian Consortium to 6.77% from 0.9% by purchasing 2.35 million shares at a value of EGP 22.35 million, averaging EGP 9.51 a share.
During the first nine months of 2020, the company reported net profits of EGP 11.3 million, down from EGP 30.1 million in the year-ago period.
Sales retreated to EGP 23.08 million in the January-September period from EGP 77.1 million in the corresponding period a year earlier.
