Cairo – Mubasher: Porto Group Holding revealed the future investment plan of Asmak Co, which owns 15.03% of the company.
Asmak plans to acquire more than 25% of Porto Group’s capital through the Egyptian Exchange's (EGX) open market, Porto Group said in a bourse disclosure on Tuesday.
The plan is aimed at raising the number of Asmak's representatives in Porto Group’s board of directors in order to cement its position and take part in decision making.
The company proposed changing Porto Group’s name and some of its activities as well as increasing the group’s capital.
Additionally, Asmak plans to expand the customers’ base of the group and offer new innovative solutions.
Asmak is 100% owned by the Libyan businessman who is a resident in the UAE, Abdel Salam Masoud Abdel Karim.
In the first half (H1) of 2021, Porto Group Holding turned to consolidated net profits of EGP 71.79 million, versus net losses of EGP 24.7 million in the year-ago period, including minority shareholders' rights.
