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Asmak intends to acquire over 25% stake in Porto Group

Asmak intends to acquire over 25% stake in Porto Group

ArabFinancePorto Group Holding (PORT) revealed the future investment plan of Asmak Co, which holds a 15.03% stake in the company, in accordance with Article 29 of the listing rules, according to a statement filed to the Egyptian Exchange (EGX).

Asmak plans to acquire over 25% of Porto Group’s capital through the EGX’s open market, the statement highlighted.

Asmak aims at increasing the number of its representatives in Porto Group’s board of directors, in order to strengthen its position and participate in taking decisions.

These decisions include the suggestions of changing Porto Group’s name and some of its activities as per the latest updates occurred to the economic fields and raising the group’s capital.

Moreover, Asmak aims to take part in taking decisions regarding boosting the customers’ base of the group and providing new innovative solutions.

Porto Group is an Egypt-based holding company engaged in many segments through its subsidiaries, namely education, marketing, real estate, investment, and management.

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04 Oct 2021
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