New Ismailia shareholder cuts stake to 6.5%

Updated 3/23/2021 3:23:13 PM

ArabFinance:  New Ismailia for Urban Development Company (IDRE) announced that its shareholder Ali Mahgoub sold 2.14 million shares worth EGP 83.18 million, according to the company’s filing to the Egyptian Exchange on March 23rd.

Mahgoub’s stake declined to 6.58% from 12.46%.

The listed company cut its net loss to EGP 1.13 million in 2020, compared to EGP 1.63 million in 2019.

New Ismailia focuses on planning and establishing urban areas while carrying out infrastructure projects such as drinking water, sanitation, electricity, roads, communications, and multiple garages.