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Egypt’s largest garment exporter, Al Arafa Investment and Consulting (AIVC.CA) announced on Sunday the alteration of the controlling stake owned by the Italy based Forall Group, vendor of Pal Zileri brand.
Mayhoola for Investments acquired the controlling stake; therefore Al Arafa Holding will keeps its 35% stake in the company.
In case of Al Arafa disengagement, investment multiplier in Forall Group will amount to 1 – 1.6x.
The company posted $5.5 million net profit for the first nine months of FY13/14, compared with $6.3 million net profit reported in the same period a year earlier.
