The main shareholders of Al Marasem Development restructured their shares in the company, which is a dual ownership between Omar bin Laden and Khalid bin Laden.
Sources told Daily News Egypt that the deal is a financial restructuring between the shareholders, and the Al-Rowad Brokerage company acted as the broker of the deal.
An over-the-counter market on the Egyptian Exchange witnessed, at the end of Sunday’s session, the execution of a deal on 55.7 million securities, from the shares of Al-Marasem Development, at a value of EGP 557.2m.
Sources told Daily News Egypt that the deal comes within the framework of restructuring the shares of the Bin Laden family. Al-Rowad Securities Brokerage Company played the role of a broker on both sides of the deal, which prompted it to top the ranking of brokerage firms, at the beginning of this week, with a turnover of EGP 1.1bn, accounting for 39.5% of the total OTC market executions, with a trading volume of 113.5 million securities, through 335 transactions.
The sources revealed to Daily News Egypt that the company is trying to sell Al Marasem Hospital, which did not complete its construction work, and negotiations were held with Cleopatra Group, but the negotiations were not completed, and it is looking for a new buyer in order to provide liquidity for the company.
The company participated in the implementation of a number of projects with the government, most notably the expansion of Hurghada and Sharm El-Sheikh airports. It is also involved in the construction of projects in the New Administrative Capital, such as the Central Park project and the Garden City neighbourhood of the Administrative Capital, as well as the development of many axes and squares.
According to press reports, the company has contracted with a private sector company to develop 425 feddans in the northern coast to develop an integrated tourism project with a revenue sharing system, with investments of approximately EGP 5bn. The company is expected to pay the advance payment within days, at an estimated value of about EGP 500m.