Hassan Rateb sells two million shares of his share in "Cement Sinai" worth 16.5 million pounds
Businessman Hassan Ratib, a two-million-share stake from his Sinai Cement company, sold to Reliance Logistics at a price of LE 8.25 per share for a total value of LE 16.5 million.
According to a report sent by the company to the Egyptian Stock Exchange on Wednesday, the share of Hassan Rateb in Sinai Cement decreased from 9.689% to 6.75%. In contrast, Reliance Logistics increased from 7.504% to 10.445%, in addition to 1.10%.
About a week ago, El Sewedy Cement Company sold its entire stake in Sinai Cement Company, with 5.08 million shares, to Reliance at a value of LE 41.97 million, with an average selling price of LE 8.25 per share.
Sinai Cement reported a net loss of 78.16 million pounds from the beginning of January to the end of March, compared with 83.98 million pounds in the same period last year. The company's sales rose during the first three months of this year, recording 201.08 million pounds at the end of March, compared to 147.99 million pounds during the same period last year.
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