Obour Land denies receiving acquisition offer
- Date: 25-Jul-2022
- Source: Zawya
- Sector:Real Estate
- Country:Egypt
Obour Land denies receiving acquisition offer
Cairo – Obour Land for Food Industries stated that it did not receive any offers for partial or full acquisition of its shares, according to a bourse disclosure on Sunday.
The Egyptian firm made the statement in line with news reporting that the UAE-based Agthia Group seeks to acquire Obour Land’s shares.
In the first quarter (Q1) of 2022, Obour Land logged consolidated net profits after tax worth EGP 90.61 million, higher than EGP 69.79 million in Q1-21.
Revenues amounted to EGP 923.80 million in the January-March 2022 period, compared to EGP 663.72 million in the year-ago period.
Meanwhile, the earnings per share (EPS) stood at EGP 0.19 in Q1-22, versus EGP 0.15 in Q1-21.
This month, Agthia’s board approved a 60% stake acquisition of Egypt-based Auf Group to scale up its businesses in the Arab republic and diversify its portfolio.
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