Cairo – Mubasher: Qalaa Holdings reduced its stake in Asec Company for Mining (ASCOM) to 54.05% from 61.32%.

The company sold 3.09 million shares in ASCOM for EGP 25.25 million at an average price of EGP 8.17 a share, according to a bourse filing on Sunday.

Pharos Securities acted as a broker in the transaction.

During the first three months of 2020, ASCOM incurred net losses of EGP 23.24 million, up from EGP 10.55 million in the year-ago period, including minority shareholders’ rights.