Arab Finance: Gadwa for Industrial Development has cut its stake in Universal for Paper and Packaging Materials (Unipack) to 24.11% from 29.91%, according to a disclosure to the Egyptian Exchange (EGX).
The company sold a 5.8% stake, representing 133 million shares, in Unipack for a total of EGP 51.338 million, an average price of EGP 0.386 per share.
Aspire Security acted as the broker for the transaction.
On August 19, Gadwa sold 79.586 million shares in Unipack at a total value of EGP 32.232 million, reducing its stake to 29.91% from 33.38%.