Cairo – Mubasher: The board of directors of Porto Group Holding decided to appoint Mohammed Sayed Abdel Raziq as the company’s chairman and managing director.

The board also agreed to hire Jamal Fawzy Fath Alah as the representative of Sol Global Holding Ltd, instead of Mohammed Fouad El Mekkawy, the company added in a filing to the Egyptian Exchange (EGX) on Tuesday.

Porto Group previously reported a 41.9% year-on-year decline in profits for the first quarter of 2018, recording a net profit of EGP 45.5 million from EGP 78.37 million, including minority shareholders’ rights.