Pioneer Holding announced that three companies have purchased 139.43 million shares in Electro Cable Co SAE – Egypt at a value of EGP 188.25 million.
Wadi Consulting has raised its stake in Electro Cable to 15.41% from 7.61% through buying 55.5 million shares at a value of EGP 74.93 million or EGP 1.35 per share, Pioneer Holding added in a statement to the Egyptian Exchange (EGX).
Summu Consulting has purchased 12.8 million shares in Electro Cable at a value of EGP 17.366 million or EGP 1.35 per share, raising its stake to 4.07% from 2.27%, the company said.
Meanwhile, Flourish Investment has purchased 71.1 million shares in Electro Cable at a value of EGP 95.95 million or EGP 1.35 per share, raising its stake to 9.99%, Pioneer Holding indicated.
It is worth noting that Pioneer Holding holds a 6.25% stake in Electro Cable, and Nemow for Consulting Co owns a 15.29% stake in the company, while Alhsn for Consulting Co, Wadi Consulting, and Flourish Investment hold 16.25%, 15.29%, and 4.08% stakes, respectively.
Electro Cable previously said it had logged a net profit of EGP 134.8 million for the full-year ended 31 December 2018, versus EGP 15.76 million in 2017, including minority shareholders’ rights.