Cairo – Mubasher: Beltone Financial Holding announced that Reliance Logistics Company has increased its stake in Sinai Cement to 10.445%.

Reliance Logistics Company purchased about 2.001 million shares in the cement firm, raising its stake to 10.445% from 7.504%, according to a statement to the Egyptian Exchange (EGX) on Wednesday.

 The total value of the deal stood at EGP 16.51 million at an average price of EGP 8.25 per share.

Earlier, Reliance Logistics raised its stake in Sinai Cement to 7.504% from 0.03%.

During the first quarter of 2019, Sinai Cement’s sales rose to EGP 201.08 million from EGP 147.99 million in the year-ago period.