Cairo – Mubasher: Vicat Egypt, a subsidiary of France's Vicat Group, a French company manufacturing cement, increased its ownership in Sinai Cement to 67.18% from 51.02% for EGP 139.55 million.
Vicat Egypt purchased 21.50 million shares in the EGX-listed firm at an average price of EGP 6.49 per share, according to a stock exchange statement.
OKAZ Stockbrokers & Investments acted as a broker in the transaction.
During the first nine months (9M) of 2022, the consolidated net losses of Sinai Cement narrowed to EGP 179.89 million, compared to EGP 333.71 million, including minority shareholders’ rights.
In the meantime, the company’s standalone losses decreased to EGP 172.55 million during the nine-month period ended 30 September 2022 from EGP 325.79 million in the corresponding period in the previous year.
