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Marsa Alam head sells 5% stake at EGP 5 mln

Marsa Alam head sells 5% stake at EGP 5 mln
Marsa Marsa Alam
MMAT
-4.33% 2.54 -0.11
Marsa Marsa Alam For Tourism Development announced that Chairman & Managing Director Ahmed Kamal Al Olaimi sold 1 million shares in the company at EGP 5.07 each, totaling EGP 5.07 million.
Accordingly, the chairman’s stake was slashed to 50.7% from 55.7%.
Marsa Alam said earlier this month its rights issue was 100% covered.
The company finalized its capital increase to a total of EGP 50 million through EGP 30 million rights issue.
The company had posted 184% surge in FY13 net profit to EGP 3.287 million, compared with EGP 1.154 million net profit a year earlier.