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Target For Real Estate Investment ups stake in Lecico Egypt

Target For Real Estate Investment ups stake in Lecico Egypt

Arab Finance: Target For Real Estate Investment, Development, Agricultural Reclamation, and Tourism Development has raised its stake in Lecico Egypt (LCSW) to 4% from 3.5% for a total consideration of EGP 1.712 million, according to a filing to the Egyptian Exchange (EGX) on July 17th.

Target has purchased an additional stake of 0.5%, representing 371,042 shares, in Lecico Egypt at an average price of EGP 4.6 per share.

It is worth highlighting that Lecico Egypt recorded a consolidated net profit attributable to the holding company of EGP 29.28 million in Q1 2022, versus a net loss of EGP 16.75 million in Q1 2021.

Lecico is an Egypt-based public shareholding company engaged in the manufacture of tiles and sanitary ware products. The company offers its products through three segments: sanitary ware products, ceramic tiles, and brassware.

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