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(Adds size of Actis stake sold, background)
CAIRO, May 31 (Reuters) - Private equity firm Actis has sold half of its stake in Egypt's Edita Food Industries totalling 7 percent of the company's shares, market sources said on Tuesday.
The sale of 50.742 million shares is worth more than 900 million Egyptian pounds ($101 million), they told Reuters, adding that the shares were sold to foreign investment funds.
Shares in Edita, one of the country's largest food producers, were 0.78 percent higher on the Egyptian stock exchange at 1023 GMT
Earlier this month Edita reported that its first-quarter net profit had more than halved to 39.17 million Egyptian pounds from 81.30 million last year on the back of lower sales volumes. ($1 = 8.8799 Egyptian pounds)
(Reporting by Ehab Farouk; Writing by Eric Knecht; Editing by Alexander Smith) ((eric.knecht@thomsonreuters.com; +20 2 2394 8102; Reuters Messaging: eric.knecht.thomsonreuters.com@reuters.net))
CAIRO, May 31 (Reuters) - Private equity firm Actis has sold half of its stake in Egypt's Edita Food Industries totalling 7 percent of the company's shares, market sources said on Tuesday.
The sale of 50.742 million shares is worth more than 900 million Egyptian pounds ($101 million), they told Reuters, adding that the shares were sold to foreign investment funds.
Shares in Edita, one of the country's largest food producers, were 0.78 percent higher on the Egyptian stock exchange at 1023 GMT
Earlier this month Edita reported that its first-quarter net profit had more than halved to 39.17 million Egyptian pounds from 81.30 million last year on the back of lower sales volumes. ($1 = 8.8799 Egyptian pounds)
(Reporting by Ehab Farouk; Writing by Eric Knecht; Editing by Alexander Smith) ((eric.knecht@thomsonreuters.com; +20 2 2394 8102; Reuters Messaging: eric.knecht.thomsonreuters.com@reuters.net))
