Target for Real Estate Investment cuts stake in Real Estate Egyptian Consortium

Updated 9/20/2021 9:14:07 AM

ArabFinance: Target for Real Estate Investment, Development, Agricultural Reclamation, and Tourism Development has sold 9.697 million shares in Real Estate Egyptian Consortium (AREH) for an average price of EGP 5.986 per share, according to a filing to the Egyptian Exchange (EGX).

As a result, Target for Real Estate Investment’s stake in Real Estate Egyptian Consortium has been reduced to 1.755% from 5.934%, the filing added.

The total value of the shares’ sale transaction amount to EGP 58.059 million.

The transaction has been carried out by Beltone Securities Brokerage.

Real Estate Egyptian Consortium is an Egypt-based public shareholding company engaged in the real estate investment sector. The company focuses on real estate development and general building contracts, such as the construction of hotels and touristic villages, housing complexes, among others.