Kharafi Construction cuts stake in Arab Aluminum

The construction company sold 300,000 shares

  
Traders work at the Egyptian stock exchange in Cairo, Egypt February 13, 2018.

Traders work at the Egyptian stock exchange in Cairo, Egypt February 13, 2018.

REUTERS/Amr Abdallah Dalsh
ArabFinance: Arab Aluminum (ALUM) said Kharafi Construction reduced its stake from 43.20% to 37.89%, according to the company's October 25th disclosure field to the Egyptian Exchange.

The construction company sold 300,000 shares at EGP 30 per each, with a total amount of EGP 9 million.

On September 28th, MAK Holding for Industry exited Arab Aluminium for a total value of EGP 12.01 million.

The aluminum producer posted an 8.7% Year on Year decrease in its net profit during the first half of 2020.

Arab Aluminum is an Egypt-based company that specializes in extruding aluminum profiles for architectural and industrial applications. The company undertakes the activities of aluminum billet casting, dies, extrusion, alloys, painting, and anodizing.

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