Egypt: El Wehda Industrial lowers stake in Ataqa for $3.23mln
- Date: 22-Jan-2024
- Source: Zawya
- Sector:Industrial
- Country:Egypt
Egypt: El Wehda Industrial lowers stake in Ataqa for $3.23mln
Cairo – El Wehda Industrial Development reduced its shareholding in Misr National Steel (Ataqa) to 91.56% from 93.22%, according to a bourse disclosure.
El Wehda sold 20 million shares in the EGX-listed firm at a value of EGP 99.94 million and an average price of EGP 4.99 per share.
It is worth highlighting that Commercial International Brokerage Company was the broker for the transaction that was concluded on 18 January 2024.
In the first nine months (9M) of 2023, Ataqa posted higher consolidated net profits after tax at EGP 593.57 million, compared to EGP 115.50 million in 9M-22.
Revenues fell to EGP 1.71 billion in 9M-23 from EGP 1.99 billion a year earlier, while the basic earnings per share (EPS) jumped to EGP 0.49 from EGP 0.09.
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