Cairo – Mubasher: Gadwa for Industrial Development reduced its equity ownership in the shares of Electro Cable Egypt and the Arab Dairy Products Company (Arab Dairy – Panda), according to bourse disclosures.
Gadwa sold 202 million shares in Electro Cable Egypt at a value of EGP 128.27 million and an average price of EGP 0.63 per share.
Additionally, Gadwa sold 16.15 million shares in Arab Dairy in exchange for EGP 20.67 million at an average price of EGP 1.28 per share.
In this regard, Gadwa lowered its stake in Electro Cable Egypt to 25.29% from 31.39%, while its shareholding in Arab Dairy was cut to 36.66% from 39.89%.
It is worth highlighting that Pioneers Securities was the broker for the two transactions, which were concluded on 18 October 2023.
In the first half (H1) of 2023, Gadwa recorded consolidated net profits after tax valued at EGP 562.58 million, including minority interest.
As of 30 June 2023, the consolidated profits of Arab Dairy amounted to EGP 50.60 million, while Electro Cable Egypt witnessed higher net profits after tax at EGP 539.18 million.
