Maadi Company for Development cuts equity in Zahraa Maadi

Maadi Company for Development cuts equity in Zahraa Maadi

Cairo – Maadi Company for Development and Reconstruction has reduced its 31.60% stake in Zahraa Maadi Investment and Development to 21.70%.

Maadi Company for Development sold 2.67 million shares in Zahraa Maadi for EGP 38.54 million at an average price of EGP 14.42 per share, according to a recent bourse disclosure.

Meanwhile, EFG Hermes acted as the broker for the transaction.

Last August, Maadi Company for Development sold 22 million shares in the listed real estate firm at a value of EGP 199.10 million, cutting its equity in the latter to 36.95% from 45.19%.

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