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El Kahera El Watania to sell its stake in Upper Egypt Buidling Material Co.

El Kahera El Watania to sell its stake in Upper Egypt Buidling Material Co.

ArabFinance: El Kahera El Watania Investment (KWIN) decided to sell its stake in Upper Egypt Building Materials for Clay Bricks and Quarries company's capital worth EGP 3,117,600.

On April 6th, the company board of directors approved selling 866,000 shares, 86.60% of Upper Egypt Building Materials' capital at EGP 3.60 per share.

In terms of the deal, Abu Dhabi Islamic Bank's (ADIB) submitted a purchasing offer to the company to acquire the company's stake in Upper Egypt Building Material.

The company incurred a consolidated net loss of EGP 26,084,822 in 2019, compared to a net loss of EGP 17,817,106 achieved in 2018, including the minority shareholders' rights.

Moreover, it incurred a standalone net loss of EGP 3,836,883, compared to 2018's net loss of EGP 14,892,815.

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