Arab Finance: Creast Mark for Contracting and Real Estate Development has accepted the financial offer from Ayoubco Contracting Company to divest its 57.6% stake in the North Coast project for EGP 175 million, according to a bourse disclosure.
The EGX-listed company noted that the sale proceeds will be used to partially finance ongoing construction works at the Stella Di Mare 2 project in Ain Sokhna.
Moreover, the board members approved the reports prepared by the Financial Regulatory Authority (FRA) on the project, as well as the external consultant's report and the auditor's report related to Ayoubco's receivables.
On a separate note, the board approved revising the allocation of the full proceeds from the company's EGP 89.8 million capital increase, in line with the Extraordinary General Meeting's (EGM) resolution issued on March 9th, 2026.
In the first quarter (Q1) of 2026, the company’s net profits after tax dropped by 52.19% to EGP 44.951 million from EGP 94.026 million in Q1 2025.
