El Nasr Housing and Development acquires $4.23mln stake in Zahraa Maadi

El Nasr Housing’s stake in Zahraa Maadi was raised to 9.32% from 6.295%

Staff Writer, Arab Finance

May 12, 2022

ArabFinance: El Nasr Housing and Development has bought an additional stake in Zahraa Maadi Investment and Development (ZMID) in consideration of EGP 77.68 million, according to a filing to the Egyptian Exchange (EGX) on Wednesday.

The deal was executed on 8 million shares at an average price of EGP 9.71 per share.

Following the transaction, El Nasr Housing’s stake in Zahraa Maadi was raised to 9.32% from 6.295%.

Zahraa Maadi is an Egypt-based public shareholding company engaged in real estate development, construction, contracting, urbanization, housing, and tourism, as well as other investment activities.

The listed firm is involved in the construction and development of residential and commercial buildings, as well as the purchase, sale, and reclamation of lands and properties.

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