Arab Finance: Gadwa for Industrial Development has cut its stake in Universal for Paper and Packaging Materials (Unipack) to 21.12% from 24.11%, according to a disclosure to the Egyptian Exchange (EGX).
The company sold a 2.99% stake, representing 68.461 million shares, in Unipack for a total of EGP 24.577 million, an average price of EGP 0.359 per share.
Aspire Securities acted as the broker for the transaction.
On August 20, Gadwa sold 5.8% stake in Unipack at a total value of EGP 51.338 million, reducing its stake to 24.11% from 29.91%.