Cairo – Mubasher: Kash Asset Management slashed its stake in Prime Holding to 0.0067% from 5.26%.

The transaction involved the sale of 18.4 million shares at a combined value of EGP 21.35 million, averaging EGP 1.15 per share, according to a bourse disclosure on Monday.

In a separate statement, Prime Holding said that the shareholder Mohammed Fawaz Abdul Ghani Al Bishri sold 16.95 million shares, reducing its stake to 14.18% from 19.03% in a deal worth EGP 19.59 million or an average price of 1.15 apiece.

Prime Securities acted a broker in the transactions.

During the first nine months of 2020, Prime Holding incurred net losses of EGP 17.08 million, against net profits of EGP 4.29 million in the year-ago period.