Cairo – Mubasher: Mansoura Poultry has completed the sale process of its entire stake in El-Safwa Poultry (Koko) to Ahmed Gomaa El-Desouky for EGP 10 million.

The related share ownership transfer process on the Egyptian Exchange (EGX) was completed as well, according to a bourse disclosure on Thursday.

In August 2022, Mansoura Poultry’s board of directors approved the purchase offer submitted by El-Desouky to buy the company's entire stake in Koko at a price of EGP 13.23 per share.

Mansoura Poultry owns 756,000 shares in Koko, representing 24% of the company’s capital. 

During the first half (H1) of 2022, Mansoura Poultry turned profitable, gaining EGP 2.46 million in net profits, against net losses of EGP 8.86 million in H1-21.

Revenues for the January-June period in 2022 jumped by 69.60% yearly to reach EGP 89.72 million.