Cairo – Mubasher: EFG Hermes announced that Sol Global Holding Ltd has reduced its stake in Porto Group Holding to 29.009% from 34.47% through two sale transactions. 

Sol Global Holding Ltd sold about 54.84 million shares valued at EGP 41 million, according to a statement to the Egyptian Exchange (EGX) on Tuesday.

The first deal included the sale of 21.89 million shares for EGP 16.85 million at an average price of EGP 0.734 per share, while the second deal included the sale of 32.95 million shares valued at EGP 24.15 million at an average price of EGP 0.734 a share.

During the first half of 2019, Porto Group Holding logged a profit of EGP 80 million, compared to EGP 53.06 million in the corresponding period a year earlier, including minority shareholders’ rights.

Revenues declined to EGP 676 million in the January-June period of 2019 from EGP 876.4 million in the prior-year period.

As for the second quarter of 2019, the EGX-listed firm’s profit registered EGP 20.4 million, up from EGP 7.5 million in Q2-18.

At the level of standalone business, the company posted net profits of EGP 76.14 million in H1-19, versus losses of EGP 8.8 million in H1-18.