Maadi for Development slashes its stake in Zahraa Maadi to 17.75%

Updated 3/26/2023 11:13:00 AM
Maadi for Development slashes its stake in Zahraa Maadi to 17.75%

Arab Finance: Maadi Company for Development and Reconstruction has reduced its stake in Zahraa Maadi Investment and Development (ZMID) to 17.75% from 18.26%, according to a bourse filing on March 26th.

Maadi Company for Development sold 2.750 million shares in ZMID for EGP 15.867 million or for EGP 5.77 per share.

Zahraa Maadi is an Egypt-based public shareholding company engaged in real estate development, construction, contracting, urbanization, housing, and tourism, as well as other investment activities.

The listed firm is involved in the construction and development of residential and commercial buildings, as well as the purchase, sale, and reclamation of lands and properties.

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