Saudi Egyptian Investment reduces stake in Arab Cotton Ginning
SEIF sold 10,000,000 shares at EGP 1.905 per each, with a total amount of EGP 19,054,946
By Staff Writer, Arab Finance
Egypt - Arab Cotton Ginning Company (ACGC) stated that Saudi Egyptian Investment and Finance (SEIF) decrease its stake in the former's capital from 6.42% to 2.5%, according to the company's July 26th statement filed to the Egyptian Exchange.
SEIF sold 10,000,000 shares at EGP 1.905 per each, with a total amount of EGP 19,054,946.
ACGC posted a standalone net profit of EGP 13.410 million in Quarter one (Q1) of 2020, a 56% decrease from EGP 30.475 million achieved in Q1 2019.
ACGC is an Egypt-based company active in the textiles and clothing industry sector. The company is engaged in the cotton ginning, as well as trading of its products domestically and internationally.
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