Joint-stock private equity investment firm Al Ahly Capital Holding says it sold 47.2 mn shares in Egyptian Resorts Company at EGP 1.21 per share, Invest-Gate reports.

The firm’s stake in Egyptian Resorts Company has been reduced to 4.5% from 9%, according to a bourse filing.

According to the filing, the Red Sea Hotels Holding has bought Al Ahly’s 47.2 mn shares in the Egyptian Resorts Company for a total deal value of EGP 57.2 mn.

By finalizing this deal, Red Sea Hotels Holding has raised its stake in Egyptian Resorts Company to 16.46% from 11.96%.