Cairo - Mubasher: Arafa for Investment and Consultancies announced that the company’s vice chairman and managing director, Alaa Ahmed Abdelmaksoud Arafa, has transferred 87.57 million shares to his daughters Shams Alaa Ahmed Arafa and Malak Alaa Ahmed Arafa.

The decision was taken in light of a restructuring of the vice chairman’s shares and his related parties, according to a bourse statement on Sunday.

The company emphasised that Alaa Arafa is still carrying out his duties as the vice chairman and managing director of Arafa Holding.

During the three-month period ended 30 April 2022, Arafa for Investment suffered net losses of $5.42 million, compared to $9.90 million in the corresponding period a year -earlier, including minority shareholders’ rights.