Cairo – Mubasher: Verto Holding has acquired 90% of National Drilling Co in a deal worth $21.1 million.

The transaction involved the purchase of 4.5 million shares at an average price of $4.69 apiece, according to a bourse disclosure on Thursday.

The shareholder Ahmed Rashad Mohamed Rashad sold his entire stake of 89% in National Drilling Co, while Ahmed Rashad and Sherif Ahmed Rashad sold their entire stakes of 0.005% each.

During the first nine months of 2020, the company achieved net profits of about $507,880, versus net losses of $1.53 million in the corresponding period a year earlier.