Mubasher: Aayan Real Estate Company, a subsidiary of Aayan Leasing and Investment, has concluded an in-kind exit from one of the real estate portfolios investing in Egypt.
The transaction was concluded in return for the obtainment of nearly two million shares by Aayan Real Estate in The Spot for Real Estate Investment, an Egyptian joint-stock company, representing 13.5% of its capital, according to a stock exchange filing on Wednesday.
The aforementioned Spot Company owns the Spot Mall situated in the fifth settlement district in New Cairo.
The announcement has no material impact on Aayan Real Estate’s financial position.
In 2019, Aayan Real Estate reported an annual decrease in profits by 64% to KWD 2.11 million (approx. $6.96 million), from KWD 5.93 million (approx. $19.5 million).
