Cairo – Mubasher: Flourish Investment has lowered its ownership in Electro Cable Egypt to 3.01% from 9.99% for a total value of EGP 117.91 million.

Flourish Investment has sold 248.25 million shares in Electro Cable at an average price of 0.47 per share, according to a bourse statement.

Pioneers Securities acted as a broker in the transaction.

In the first nine months (9M) of 2022, Electro Cable reported consolidated net profits after tax worth EGP 263.25 million, versus EGP 147.26 million in 9M-21, including minority shareholders' rights.

Revenues surged to EGP 3.92 billion during January-September 2022, compared to EGP 1.83 billion in the year-ago period.