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Kharafi Construction cuts stake in Arab Aluminum

Kharafi Construction cuts stake in Arab Aluminum

ArabFinance: Arab Aluminum (ALUM) said Kharafi Construction reduced its stake from 48.18% to 43.20%, according to the company's October 21st disclosure field to the Egyptian Exchange.

The construction company sold 281,230 shares at EGP 32.18 per each, with a total amount of EGP 9,049,981.

Earlier, Kharafi Construction decreased its stake from 53.94% to 48.18%.

On September 28th, MAK Holding for Industry exited Arab Aluminium for a total value of EGP 12.01 million.

The aluminium producer posted an 8.7% Year on Year decrease in its net profit during the first half of 2020.

Arab Aluminum is an Egypt-based company that specializes in extruding aluminum profiles for architectural and industrial applications. The company undertakes the activities of aluminum billet casting, dies, extrusion, alloys, painting, and anodizing.

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