Cairo – Mubasher: Pioneers Holding Company for Financial Investment on Monday announced it has reduced its stake in Electro Cable Co Egypt to 6.25% from 11.31%.
The company has sold 36 million shares of Electro Cable at a total value of EGP 44.64 million or EGP 1.24 per share, according to a filing to the Egyptian Exchange (EGX).
Pioneers Holding last reported an 18% year-on-year increase in consolidated profits for the first nine months of 2018.
Net profit totalled EGP 821.6 million in the nine-month period ended September, versus EGP 697.5 million in the prior-year period, including minority shareholders’ rights.
Revenues amounted to EGP 5.6 billion at the end of September from EGP 5.77 billion in the corresponding period last year.
