Cairo – Mubasher: First Arabian Development & Investment Co. (FADICO) cut its ownership in Egyptian Resorts Company to 14.35% from 15.30% for a total value of EGP 19 million.

FADICO sold 10 million shares in the EGX-listed company at an average price of EGP 1.90 per share, according to a recent bourse filing.

EFH Hermes acted as a broker in the transaction.

In the first nine months (9M) of 2022, Egyptian Resorts incurred consolidated net losses worth EGP 84.85 million, higher than EGP 4.33 million in the January-September 2021 period.

Revenues plummeted to EGP 89.25 million in 9M-22 from EGP 97.09 million in 9M-21, whereas the loss per share stood at EGP 0.06.