CAIRO: Rowad Tourism has sold a roughly 5 percent stake in real estate firm Egyptian Resorts, giving Egyptian Resorts shares a boost.
Rowad sold about 50 million shares in Egyptian Resorts for LE 2.28 ($0.41) each, Egyptian Resorts Investor Relations Manager Abu Bakr Makhlouf said. This implies a total value of LE 114 million, according to Reuters calculations.
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 percent higher at LE 2.34 per share, while shares in Rowad gained 0.3 percent. The benchmark index rose 1.5 percent.
Rowad plans to reinvest the proceeds from the sale but has not decided where it will spend the money, a Rowad executive familiar with the deal said, speaking on condition he not be named.
We had 15 percent, and we sold about 5 percent, the Rowad executive said, adding it would retain the remaining 10 percent.