Egypt's Phoenix Investments cuts stake in Atlas Investment

The board of directors of Atlas Investment approved to list of its subsidiary, Atlas Siwa for Land Reclamation, on the Egyptian Exchange for SMEs and NILEX

  
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
 

Egypt - Atlas for Investment and Food Industries (AIFI) announced that Phoenix Investments decreased its stake from 3.82% to 5.359%, according to the company's disclosure.

Phoenix Investments sold 10 million shares at EGP 0.3195 per each, with a total amount of EGP 3.195 million.

The board of directors of Atlas Investment approved to list of its subsidiary, Atlas Siwa for Land Reclamation, on the Egyptian Exchange (EGX) for SMEs and NILEX.

The listed company reported a 7% Year on Year fall in its consolidated net loss in 2020, suffering EGP 571,702.

Atlas, established in 1997 and listed in 2012, has four subsidiaries focusing on real estate, farm development, and agricultural processing.

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