Cairo – Mubasher: QNB Financial Services has reduced its stake in First Investment and Real Estate Development to 2.13% from 12.18%.
Accordingly, QNB sold 690,989 of its shares in First Investment at a total value of EGP 1.90 million or an average price of EGP 2.75 per share, according to a stock exchange statement on Monday.
Financial Brokerage Group (FGB) acted as a broker in the transaction.
Last week, shareholder Hossam Hannahtullah Bakhoum Hindawi cut his stake in First Investment to 12.49% from 28.22%, selling one million of his shares for EGP 3.07 million.
It is worth noting that in the first quarter (Q1) of 2022, the EGX-listed company reported a net profit of EGP 1.20 million, a hike from EGP 20,780 in the year-ago period.
