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EFSA freezes related groups’ equities in National Real Estate

EFSA freezes related groups’ equities in National Real Estate
The Egyptian Financial Supervisory Authority (EFSA) has frozen stakes owned by related groups in National Real Estate Bank for Development (NRPD).
According to the market regulator’s decision, the freeze of equities will be valid till these related groups submit mandatory tender offer for 100% of the company.
The bid price shall not be lower than the stock’s average market price during the six-month period ended Thursday, 28/08/2014, which amounts to EGP 25.7/share.
The company had posted 60% drop in H1-14 net profit to EGP 5.3 million, from EGP 13.2 million in the same period a year earlier.