Cairo – Mubasher: The ordinary general meeting (OGM) of Reacap Financial Investments consented to purchase the entire stake of Naeem Holding for Investments in Naeem Consulting Services which represents 98%.
The OGM approved the deal’s complementary contracts as well as the commutative contract with Naeem Holding after its shares were excluded from voting, according to a bourse statement on Tuesday.
Moreover, the shareholders approved the total value of the agreement at EGP 47.4 million.
It is worth mentioning that over the first nine months of 2019, Reacap saw a net profit of EGP 19.27 million, compared to EGP 66.27 million in the year-ago period.
Meanwhile, Naeem Holding incurred a net loss of $2.4 million in the January-September period, versus a net profit of EGP 1.46 million in the corresponding period of 2018, including minority shareholders’ rights.
Naeem Holding is dually-listed on the Dubai Financial Market (DFM) and the Egyptian Exchange (EGX).
