The board of Al Arafa Investment and Consulting Co. approved a report prepared by independent financial advisor Cairo Financial Investments (CFI), which set the fair value for Concrete for Ready Made Garments, at EGP 2.53544 per share, in light of the company’s acquisition of 38% stake in Concrete via a subsidiary.
Al Arafa had posted $1.2 million net profit in Q1, with a decline by 29% compared with $1.7 million in the same period a year earlier.