Egypt: Maadi Company for Development reduces stake in Zahraa Maadi to 17.75%

Reuters Images

EFG Hermes was the broker for the transaction that was concluded on 22 March 2023

Staff Writer, Mubasher

March 29, 2023

PHOTO

Cairo – Maadi Company for Development and Reconstruction lowered its equity ownership in Zahraa Maadi Investment and Development to 17.75% from 18.29%, according to a bourse filing.

Maadi Company for Development sold 2.75 million shares in the EGX-listed firm for EGP 15.86 million, at an average price of EGP 5.77 per share.

Meanwhile, EFG Hermes was the broker for the transaction that was concluded on 22 March 2023.

During January-December 2022, the net profits of Zahraa Maadi edged up by 0.70% year-on-year (YoY) to EGP 261.10 million from EGP 259.37 million.

Total revenues increased by 4.10% to EGP 392.07 million in 2022 from EGP 376.64 million in 2021, while the basic earnings per share (EPS) enlarged to EGP 9.42 from EGP 3.53.

Disclaimer: The content of this article is syndicated or provided to this website from an external third party provider. We are not responsible for, and do not control, such external websites, entities, applications or media publishers. The body of the text is provided on an “as is” and “as available” basis and has not been edited in any way. Neither we nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this article. Read our full disclaimer policy here.