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Cairo – The board of directors of Reacap Financial Investments approved the acquisition of the entire stake of Naeem Holding for Investments in Naeem Consulting Services.
The decision is still pending approval of shareholders set to meet during an ordinary general meeting (OGM) on 30 December to approve the agreement and the purchase price of EGP 47.45 million, the company said in a statement to the Egyptian Exchange (EGX) on Monday.
Naeem Holding for Investments owns 98% of Naeem Consulting Services and 47.61%, or 50.55 million shares, of Reacap Financial Investments.
Once the agreement is approved, Reacap Financial Investments will own 98% of Naeem Consulting Services.
It is noteworthy that during the first nine months of 2019, Reacap logged a net profit of EGP 19.27 million, compared to EGP 66.27 million in the year-ago period.
Meanwhile, Naeem Holding for Investments reported a net loss of $2.4 million in the January-September period, versus a net profit of EGP 1.46 million in the corresponding period of 2018, including minority shareholders’ rights.
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