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Arab Moltaqa unveils sale, purchase deals

Arab Moltaqa unveils sale, purchase deals
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Cairo – Mubasher: Arab Moltaqa Investments plans to sell its entire shareholding in United Company for Real Estate Investment to Almaza Real Estate Development at an amount of EGP 38.86 million.

Almaza will purchase 1.22 million shares at a price of EGP 31.80 per share, according to a bourse statement.

Meanwhile, Arab Moltaqa will buy 24.35 million shares in Escape Investments Company from Almaza for a total of EGP 25 million, equivalent to EGP 1.03 per share.

The shareholders of the EGX-listed firm greenlighted the two transactions during the ordinary general meeting (OGM) that was held on 23 November 2023.

In the first nine months (9M) of 2023, Arab Moltaqa logged consolidated net profits after tax valued at EGP 87.52 million, down year-on-year (YoY) from EGP 121.70 million, including minority interest.

Revenues hiked to EGP 834.12 million in 9M-23 from  EGP 470.50 million in 9M-22, while the earnings per share remained unchanged at EGP 0.09.