Cairo – Mubasher: Target for Real Estate Investment, Development, Agricultural Reclamation, and Tourism Development has increased its stake in Lecico Egypt to 4% from 3.50%.

Target purchased 371,042 shares for a total of EGP 1.71 million, averaging EGP 4.60 per share, according to a bourse disclosure on Sunday.

Meanwhile, the listed firm EFG Hermes was the broker for the transaction.

During the first quarter (Q1) of 2022, Lecico Egypt logged consolidated net profits worth EGP 33.33 million, versus net losses of EGP 14.15 million in Q1-21, including minority shareholders' rights.

In the January-March 2022 period, the company’s revenues went up to EGP 745.52 million, compared to EGP 600.50 million in the year-ago period.