News Details

Bahraini Lamar acquires Kuwaiti Mawared’s stake in Egypt-based Mena

27/06/2022 03:57 PM

Bahrain-based Lamar Holding has increased its stake in Mena for Touristic and Real Estate Investment Company (Mena) to 16.49% from 10.87%.

The energy investment company purchased 13.60 million shares in Mena from Kuwait’s Mawared United Holding Company in exchange for EGP 10.47 million at an average price of EGP 0.77 per share, according to a recent bourse filing.

Watheeqa Securities Brokerage Company acted as the broker for both Lamar and Mawared’s transactions.

It is worth noting that Mena registered consolidated net losses after tax of EGP 3.20 million during the first quarter (Q1) of 2022, versus EGP 3.28 million in Q1-21.

The revenues stood at EGP 109,649 during the first three months (3M) of 2022, compared to EGP 621,776 in the year-ago period.

Meanwhile, the loss per share settled at EGP 0.01 in Q1-22, lower than EGP 0.13 in Q1-21.

Recent News

Russian Ruble Weakens on Default

The Russian ruble crossed the 53 per USD level, weakening from the 7-year high of 49.5 touched last

Turkish Lira Strengthens Further to 3-Week High

The Turkish lira strengthened to 16.7 per USD, the highest in nearly three weeks after the Turkish b