ArabFinance: PFA for consulting has acquired a 8.01% stake in Electro Cable Egypt (ECE) (ELEC) in a transaction valued at EGP 122.55 million, according to a filing to the Egyptian Exchange (EGX).
This came after PFA purchased 285 million shares in Electro Cable at an average price of EGP 0.34 per share.
On the other hand, Wadi Consulting has cut its stake in Electro Cable to 9.22% from 17.2% after selling 285 million shares at an average price of EGP 0.43 per share, according to a separate filing.
Electro Cable is an Egypt-based public shareholding company that operates in the electric components manufacturing sector. The company manufactures and distributes power and telecommunication cables and wires in Egypt and abroad.
Its product portfolio includes low, medium and high-tension power cables, isolated cables, and telephone communication cables.