Cairo – Mubasher: Maadi Company for Development and Reconstruction lowered its equity ownership in Zahraa Maadi Investment and Development to 17.75% from 18.29%, according to a bourse filing.
Maadi Company for Development sold 2.75 million shares in the EGX-listed firm for EGP 15.86 million, at an average price of EGP 5.77 per share.
Meanwhile, EFG Hermes was the broker for the transaction that was concluded on 22 March 2023.
During January-December 2022, the net profits of Zahraa Maadi edged up by 0.70% year-on-year (YoY) to EGP 261.10 million from EGP 259.37 million.
Total revenues increased by 4.10% to EGP 392.07 million in 2022 from EGP 376.64 million in 2021.