Back to the complete issue
Monday, 6 September 2021

Target trims stake in Real Estate Egyptian Consortium

Target Real Estate Investment has reduced its stake in EGX-listed Real Estate Egyptian Consortium from 13.2% to 11.5%, selling nearly 6.8 mn shares in the company for around EGP 51.9 mn at an average price of EGP 7.60 per share, according to a bourse disclosure (pdf). The transaction was managed by Arabeya Online, Beltone Securities, Arab African International Securities, and Blom Egypt Securities. Target’s direct and indirect shares in the company now amount to 17.6%.

Target in April more than halved its direct stake in the company from 24.5% to 11%, selling 5.3 mn shares to individual investors Aly Abdel Latif Mahgoub and Abdel Latif Mahgoub for EGP 84 mn, before again raising its stake in the company through a number of transactions in the intervening months.

Other things we’re keeping an eye on this morning:

  • A EGP 650 mn aid package designed to support 5 mn families nationwide was launched by Prime Minister Mostafa Madbouly in the new capital yesterday.
  • At least 12 people were killed and 30 injured when a bus overturned on the Cairo-Suez desert road late on Saturday, the Associated Press reports, citing the state-owned MENA agency. The accident was caused when the bus, which was on its way to Cairo from the coastal resort of Sharm El-Sheikh, hit a concrete barrier.

Enterprise is a daily publication of Enterprise Ventures LLC, an Egyptian limited liability company (commercial register 83594), and a subsidiary of Inktank Communications. Summaries are intended for guidance only and are provided on an as-is basis; kindly refer to the source article in its original language prior to undertaking any action. Neither Enterprise Ventures nor its staff assume any responsibility or liability for the accuracy of the information contained in this publication, whether in the form of summaries or analysis. © 2022 Enterprise Ventures LLC.

Enterprise is available without charge thanks to the generous support of HSBC Egypt (tax ID: 204-901-715), the leading corporate and retail lender in Egypt; EFG Hermes (tax ID: 200-178-385), the leading financial services corporation in frontier emerging markets; SODIC (tax ID: 212-168-002), a leading Egyptian real estate developer; SomaBay (tax ID: 204-903-300), our Red Sea holiday partner; Infinity (tax ID: 474-939-359), the ultimate way to power cities, industries, and homes directly from nature right here in Egypt; CIRA (tax ID: 200-069-608), the leading providers of K-12 and higher level education in Egypt; Orascom Construction (tax ID: 229-988-806), the leading construction and engineering company building infrastructure in Egypt and abroad; Moharram & Partners (tax ID: 616-112-459), the leading public policy and government affairs partner; Palm Hills Developments (tax ID: 432-737-014), a leading developer of commercial and residential properties; Mashreq (tax ID: 204-898-862), the MENA region’s leading homegrown personal and digital bank; Industrial Development Group (IDG) (tax ID:266-965-253), the leading builder of industrial parks in Egypt; Hassan Allam Properties (tax ID:  553-096-567), one of Egypt’s most prominent and leading builders; and Saleh, Barsoum & Abdel Aziz (tax ID: 220-002-827), the leading audit, tax and accounting firm in Egypt.