As per standalone results, the indicators also showed a turn into loss with an amount of LE 33.96 million during the period of January-to-March in 2018.
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Beltone said the decision comes to create more liquidity in light of recent economic reforms to improve the local investment climate.
The board is yet to determine the purchase price and the acquisition value.
Operational revenues recorded LE 297 million in Q1, compared to LE 110 million.