Cairo – Mubasher: Kamar Holding reduced its ownership in Egyptian Resorts Company to 8.30% from 18.31% after selling part of its equity for EGP 235.52 million.
Kamar Holding sold 105.13 million shares at an average price of EGP 2.25 per share, according to a bourse filing.
Meanwhile, Orient Tours for Hotels and Touristic Villages became a shareholder in Egyptian Resorts after purchasing 105 million shares at a value of EGP 236.25 million, equivalent to EGP 2.25 per share.
Following the transaction, Orient Tours currently holds a 10% stake in the EGX-listed firm.
Pioneers Securities was the broker for the two transactions, besides Arabeya Online for the sale process.
In the first nine months (9M) of 2022, Egyptian Resorts incurred consolidated net losses worth EGP 84.85 million, higher than EGP 4.33 million in the January-September 2021 period.
Revenues plummeted to EGP 89.25 million in 9M-22 from EGP 97.09 million in 9M-21, whereas the loss per share stood at EGP 0.06.
