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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.

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