Cairo – Mubasher: Target for Real Estate Investment, Development, Agricultural Reclamation, and Tourism Development has cut its stake in Lecico Egypt to 2.25% from 5.98%.

Target has sold 2.98 million shares for a total of EGP 29.62 million, averaging EGP 9.93 per share, according to a bourse disclosure on Monday.

SHUAA Securities Egypt acted as a broker in the transaction.

It is worth noting that during the period from January to June 2022, Lecico Egypt incurred net losses of EGP 24.46 million, up from net losses of EGP 18.38 million in the same period in 2021, including minority shareholders’ rights.