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Cairo – Beltone Financial Holding announced that Rimco Investments has increased its stake in Suez Cement to 9.113% from 8.852%.
Rimco Investments has purchased around 474,000 shares in the cement producer, according to a statement to the Egyptian Exchange (EGX) on Wednesday.
The total value of the deal stood at EGP 3.79 million at an average price of EGP 8 per share.
During the first quarter of 2019, Suez Cement logged a net profit of EGP 269.84 million, compared to EGP 128.15 million in the year-ago period.
The hike of Q1-19 net profit was attributed to the sale proceeds of the white cement factory owned by Helwan Cement Company in which Suez Cement holds a 99.55% stake.
Revenues declined to EGP 1.81 billion in the three-month period ended 31 March from EGP 2.12 billion in the same period a year earlier.
As for standalone business, Suez Cement turned into losses of EGP 95.16 million in Q1-19, against a profit of EGP 130.48 million in Q1-18.
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