Cairo – Mubasher: Misr Insurance Company and Misr Life Insurance Company lowered their stakes in Abu Qir Fertilizers, Misr Asset Management said in a statement to the Egyptian Exchange (EGX) on Tuesday.

Misr Insurance Company sold 12.9 million shares for EGP 166.5 million at an average price of EGP 12.83 per share, reducing its stake 4.46% from 5.44%.

Moreover, Misr Life Insurance Company sold 20.7 million shares for EGP 260.5 million at an average price of EGP 12.55 apiece, cutting its stake to 3.11% from 4.76%.

Additionally, Misr Insurance Company sold its entire stake of 7.56% in the United Company for Housing and Development for EGP 13.34 million, averaging EGP 5.16 per share.

The insurers also reduced their stakes in Alexandria Spinning and Weaving (Spinalex). Misr Insurance Company decreased its stake in Spinalex to 3.21% from 8.46% for EGP 10 million at an average price of EGP 1.21 a share, while Misr Life Insurance Company cut its stake to 3.02% for EGP 899,402 at an average price of EGP 1.19 per share.

It is noteworthy to mention that Misr Insurance Company also reduced its stake in Misr Cement – Qena and sold its entire stake in Samad Misr (Egyfert).