Al Arabiya Real Estate to sell entire stake in Egypt's Sharm Dreams

The value of the transaction amounts to $6.95mln

  
Residential buildings are seen in the New Administrative Capital (NAC) east of Cairo, Egypt March 8, 2021. Image used for illustrative purpose.

Residential buildings are seen in the New Administrative Capital (NAC) east of Cairo, Egypt March 8, 2021. Image used for illustrative purpose.

REUTERS/Mohamed Abd El Ghany
Kuwait - Al Arabiya Real Estate, listed on Boursa Kuwait, has reached an agreement to sell its entire stake in Egypt's Sharm Dreams for Real Estate Development Co, amounting to 5.47 million shares, for KWD 2.1 million (EGP 110 million).

A total of 994,530 shares have already been sold for a value of KWD 400,000 (EGP 20 million), while the remaining interest will be exited as per the procedures of the ownership transfer process, the company said in a bourse disclosure on Tuesday.

In the first half (H1) of 2021, the Kuwaiti firm incurred net losses of about KWD 772,480, down from KWD 5.61 million in H1-20.

Source: Mubasher

All Rights Reserved - Mubasher Info © 2005 - 2021 Provided by SyndiGate Media Inc. (Syndigate.info).

Disclaimer: The content of this article is syndicated or provided to this website from an external third party provider. We are not responsible for, and do not control, such external websites, entities, applications or media publishers. The body of the text is provided on an “as is” and “as available” basis and has not been edited in any way. Neither we nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this article. Read our full disclaimer policy here.

More From Equities