Arab Finance: Gadwa for Industrial Development has cut its stake in Universal for Paper and Packaging Materials (Unipack) to 18.45% from 21.12%, according to a disclosure to the Egyptian Exchange (EGX).
The company sold a 2.67% stake, representing 61.16 million shares, in Unipack for a total of EGP 22.935 million, an average price of EGP 0.375 per share.
Aspire Securities acted as the broker for the transaction.