Zahraa Maadi to buy 20% stake in Egypt's Heliopolis Housing’s unit

The board has approved to buy the stake at a nominal value of $2.68mln

  

Cairo – Mubasher:Zahraa Maadi Investment and Development on Wednesday announced that its board of director has agreed to purchase a 20% stake in Nasr Real Estate Development from Heliopolis Company for Housing and Development.

The board has approved to buy the stake at a nominal value of EGP 48 million, Zahraa Maadi Investment said in a statement to the Egyptian Exchange (EGX).

On Monday, Heliopolis Housing agreed to sell its stake in Nasr Real Estate to Zahraa Maadi Investment.

The real estate firm’s stake in Nasr Real Estate represents 20% of the company’s EGP 48 million capital.

Source: Mubasher

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