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Arafa, Gherardi to set up joint firm in Dubai

Arafa, Gherardi to set up joint firm in Dubai
Arafa for Investment and Consultancies' subsidiary and Italy’s Gherardi to set up a joint company in Dubai
Arafa Holding
AIVC
3.41% 0.09 0.00

Cairo – Mubasher: Arafa for Investment and Consultancies on Sunday announced setting up a joint company between its subsidiary Al Arafa for Investment in Garments Manufacturing and Italy’s Gherardi with a capital of AED 100,000.

The Egyptian subsidiary owns 40% of the new firm, while the Italian company owns a stake of 50%, in addition to a minor stake owned by a strategic investor, according to a filing to the Egyptian Exchange (EGX).

The new joint company, Italian Shirts DMCC, will be established in the Dubai Multi Commodities Centre (DMCC) for trading and promoting clothing, benefitting from Gherardi’s customer base, the company said.

Arafa achieved profits of $2.6 million in the three months ended April 2017 from $1.76 million in the prior-year period, including minor shareholders’ rights.

Arafa’s capital amounts $94.05 million distributed over 470.25 million shares, with a nominal value of $0.2.