Cairo – Mubasher: EFG Hermes announced that Reliance Logistics Company has increased its stake in Sinai Cement to 7.504%.
Reliance Logistics Company purchased about 5.08 million shares in the cement firm, boosting its stake to 7.504% from 0.03%, according to a statement to the Egyptian Exchange (EGX) on Monday.
The total value of the deal amounted to EGP 41.97 million at an average price of EGP 8.25 per share.
During the first quarter of 2019, Sinai Cement’s net losses reached EGP 78.16 million, compared to EGP 83.98 million in the year-ago period.
Sales rose to EGP 201.08 million in Q1-19 from EGP 147.99 million in Q1-18.
