Rowad sells 5% stake in Egyptian Resorts

10 Apr 2010

(MENAFN) Egypt’s Rowad Tourism announced that it has sold a roughly 5 percent stake in real estate firm Egyptian Resorts, Reuters reported

Rowad sold about 50 million shares in Egyptian Resorts for 40 cents each, Egyptian Resorts Investor Relations Manager Abu Bakr Makhlouf said. This implies a total value of $20.4 million.

Rowad plans to reinvest the proceeds from the sale but has not decided where it will spend the money, a Rowad executive said, speaking on condition he not be named.

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