Arab Finance: Kuwait Real Estate Investment Consortium (KREIC) sold 55.500 million shares in Ceramica Remas for EGP 80.348 million, according to a bourse filing.
The transaction was executed on October 4 at an average price of EGP 1.447 per share. Accordingly, the group cut its stake in Ceramica Remas to 2.95% from 8.10%.
EFG Hermes International Securities Brokerage was the broker for the deal.
Established in 1975, the EGX-listed company is involved in the production and distribution of sanitary ware sets and ceramic tiles. The ceramic tile products include floor tiles, wall tiles, and decorative tiles in different shapes and sizes.