The Egyptian Exchange (EGX) conducted EGP 1.28bn of block trading for over 876m shares of real estate company Amer Group at EGP 1.47 per share, it announced in a Thursday statement.
“The deal is as per the chairman of the EGX’s decision to organise the mechanism for large volume transactions, known as block trading,” the EGX statement said.
The statement added that the deal aimed “to protect the market and its participants from the influence of the change in prices as a result of the huge trades that is traded in different prices from that of the market.”
Riad Refaat, financial manager at Amer Group, said the shares were transferred either to newly-established charitable company Al-Waqf Al-Masry or other companies owned by Mansour Amer, chairman and CEO of Amer Group.
“Shares were not purchased by third parties and the shares’ cut of Mansour Amer did not decrease,” Refaat added.
On Thursday, the stock market’s benchmark index EGX-30 jumped 0.43% to 8746.27 points, compared to the previous day’s 8708.69. Small and medium enterprises index EGX-70 dropped by 0.03% while broader index EGX-100 inched up by 0.15%.
The capital market gained EGP 2.208bn on Thursday.
In February, Amer Group stated that net profit dropped by 79% in 2013 recording an EGP 31.996m, compared to EGP 155.554m registered in 2012. The real estate company’s profit also plummeted to EGP 877.7m in 2013 compared to EGP 1.15bn in 2012.
