Cairo – Mubasher: Pharos Holding for Financial Investments said that Orascom Development Holding AG has cut its shares in Orascom Development Egypt to 76.59% from 84.79%.
Orascom Holding has sold 18.16 million shares at a value of EGP 608.4 million, or EGP 33.5 per share, the company said in a filing to the Egyptian Exchange (EGX) on Monday.
On Sunday 15 April, the EGX announced that a heavy trade transaction worth EGP 608.4 million was implemented on Orascom Development Egypt.
Orascom Development Holding AG, Orascom Development Egypt’s main shareholder, has sold 18.16 million shares in Orascom Development Egypt to boost free-float stake.
It is worth noting that Orascom Development had sold some of its non-core assets at a total value of EGP 1.24 billion two months ago.
Orascom Development’s capital amounts to EGP 1.1 billion distributed over 221.6 million shares at a par value per share of EGP 5.
