Cairo – Mubasher: Target for Real Estate Investment, Development, Agricultural Reclamation, and Tourism Development has increased its stake in Rowad Tourism to 10.68% from 4.47%.

Target purchased 1.07 million shares in Rowad Tourism at a value of EGP 28.95 million or an average price of EGP 26.90 per share, according to a bourse disclosure on Monday.

SHUAA Securities Egypt acted as a broker in the transaction.

During the first half (H1) of 2022, Rowad Tourism incurred net losses of EGP 44 million, against profits of EGP 83,900 in the year-ago period, including minority shareholders’ rights.

Moreover, the company’s revenues for the January-June period in 2022 reached RGP 31.39 million, an annual surge from EGP 9.27 million.