ArabFinance: New Ismailia for Urban Development Company (IDRE) announced that its shareholder Ali Mahmoud Abdel Latif Mahgoub sold 577,963 shares for EGP 40.659 million or EGP 70.35 per share, according to the company’s filing to the Egyptian Exchange on March 23rd.
Accordingly, Mahgoub’s stake declined to 5.13% from 3.56%.
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.