Target sells stake in Lecico Egypt, raises stake in Rowad Tourism

Updated 10/31/2022 12:26:00 PM

Arab Finance: Target for Real Estate Investment, Development, Agricultural Reclamation, and Tourism Development sold 2.983 million shares in Lecico Egypt (LCSW) for EGP 29.624 million, according to a shareholding disclosure on October 31st.

Accordingly, the company’s stake in Lecico Egypt fell to 2.257% from 5.986%.

According to a separate disclosure, Target for Real Estate Investment purchased 1.075 million shares in Rowad Tourism (Al Rowad) (ROTO) at a value of EGP 28.95 million or EGP 26.907 per share.

As a result, Target’s stake in Rowad Tourism rose to 10.689% from 4.474%.

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.

Rowad is an Egypt-based public shareholding company that operates in the tourism industry.