Saudi Alinma Bank's arm raises stake in Egypt’s Rekaz Holding to 7.06%

PHOTO

Cairo – Alinma Investment Company, headquartered in Saudi Arabia's Riyadh, hiked its equity ownership in Rekaz Holding for Investment, formerly known as Port Said Agricultural Development and Contracting, to 7.06% from 4.99%.

The Saudi firm, which is the investment arm of the listed Alinma Bank, purchased 412,873 shares in the Egyptian company for EGP 1.30 million, at an average price of EGP 3.17 per share.

It is noteworthy to mention that Mubasher for Securities and Bonds was the broker for the transaction that was concluded on 5 February 2023, according to a recent bourse disclosure.

In January this year, the EGX-listed firm changed its trading name to RKAZ from PSAD, after it had obtained the listing committee’s approval last December.

During the first nine months (9M) of 2022, Rekaz Holding incurred net losses after tax worth EGP 1.69 million, higher than EGP 469,918 in the January-September 2021 period.

The loss per share plummeted to EGP 0.08 in 9M-22 from EGP 0.12 in 9M-21.