Cairo – Maadi Company for Development and Reconstruction has reduced its stake in Zahraa Maadi Investment and Development to 36.95% from 45.19%.

Hence, Maadi Company for Development sold 22 million shares for EGP 199.10 million, or an average price of EGP 9.05 per share, according to a bourse statement on Thursday.

In a separate filing, Zahraa Maadi Investment said the Holding Company for Construction & Development acquired 8.33% of Zahraa Maadi Investment’s capital, buying 22 million shares at a value of EGP 199.10 million, or an average price of EGP 9.05 per share.

NAEEM Brokerage acted as a broker in the two transactions.

It is worth noting that during the first half (H1) of 2022, Zahraa Maadi Investment registered net profits of EGP 109.72 million, up from EGP 90.08 million in the corresponding period in 2021.

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