Cairo – Mubasher: EFG Hermes announced that El Swedy Cement has sold its entire stake in Sinai Cement for EGP 41.97 million.

El Swedy Cement sold 5.08 million shares, or 7.476% of Sinai Cement’s capital, at an average price of EGP 8.25 per share, EFG Hermes said in a statement to the Egyptian Exchange (EGX) on Monday. 

During the first quarter of 2019, Sinai Cement's net losses registered EGP 78.16 million from EGP 83.98 million in the year-ago period.

Revenues rose to EGP 201.08 million in Q1-19, compared to EGP 147.99 million in Q1-18.