Egypt’s real estate developer Hassan Allam Properties (HAP) has upped its stake in the Sixth of October for Development and Investment Company (SODIC) to 3.9% from 2.22%, Invest-Gate reports.

This transaction involved the purchase of 5.87 mn shares for a total cost of EGP 76.05 mn, with an average price of EGP 12.95 per share, SODIC pointed out in a bourse filing on August 8.

Moreover, EFG Hermes Securities Brokerage merely acted as a broker in the deal, the statement further revealed.

In Q1 2020, SODIC registered net profits of EGP 27.7 mn, down from EGP 162.04 mn in the corresponding period last year, according to EGX-listed property company’s latest financial results.