Cairo: Egypt's Rowad Tourism has sold a roughly 5 per cent stake in real estate firm Egyptian Resorts, giving Egyptian Resorts shares a boost.
Rowad sold about 50 million shares in Egyptian Resorts for 2.28 Egyptian pounds (Dh1.50) each, Egyptian Resorts Investor Relations Manager Abu Bakr Makhlouf said. This implies a total value of 114 million pounds.
"They sold it on the open market, and somebody bought more or less that amount," Makhlouf said, without naming the buyer. Egyptian Resorts shares closed 4.5 per cent higher at 2.34 pounds per share, while shares in Rowad gained 0.3 per cent. The benchmark index rose 1.5 per cent.
Rowad plans to reinvest the proceeds from the sale but has not decided where it will spend the money, a Rowad executive said, speaking on condition he not be named.
