Qalaa Holdings cuts stake in ASCOM

The company sold 3.09mln shares in ASCOM


Cairo – Qalaa Holdings reduced its stake in Asec Company for Mining (ASCOM) to 54.05% from 61.32%.

The company sold 3.09 million shares in ASCOM for EGP 25.25 million at an average price of EGP 8.17 a share, according to a bourse filing on Sunday.

Pharos Securities acted as a broker in the transaction.

During the first three months of 2020, ASCOM incurred net losses of EGP 23.24 million, up from EGP 10.55 million in the year-ago period, including minority shareholders’ rights.

Source: Mubasher

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