Cairo – Mubasher: Egyptians for Housing and Development Co has received an offer from Saudi Arabia’s Sumou Holding to acquire part of the company’s stake in Egyptians for Real Estate Investment Fund (EGREF) for EGP 29.15 million.

Through the acquisition deal, Sumou plans to enter the Egyptian real estate market through a professional real estate investment tool, according to a bourse filing on Thursday.

The offered price is based on the fair value (FV) set by Serv Fund Company.

It is worth noting that in the first nine months (9M) of 2022, Egyptians for Housing registered net profits of EGP 18.88 million, compared to EGP 25.38 million in the year-ago period, including minority shareholders’ rights.

Revenues for 9M-22 amounted to EGP 56.31 million, down from EGP 58.02 million in 9M-21.