Target Real Estate acquires 5% stake in New Ismailia

Updated 4/12/2021 11:46:00 AM

ArabFinance:  New Ismailia for Urban Development Company (IDRE) announced that Target Real Estate investment purchased 1.587 million shares worth EGP 87.686 million, according to the company’s filing to the Egyptian Exchange on April 11th.

Target Real Estate investment’s stake reached 5.09% from New Ismailia’s capital.

The listed company cut its net loss to EGP 1.13 million in 2020, compared to EGP 1.63 million in 2019.

New Ismailia focuses on planning and establishing urban areas while carrying out infrastructure projects such as drinking water, sanitation, electricity, roads, communications, and multiple garages.