Air Arabia's Egyptian unit disposes of $3.3mn of equity

Air Arabia disposed of 590,000 shares to an unspecified party/parties a filing with the Egyptian Stock Exchange (ESX) on October 11, reports ch-aviation.

The transaction was valued at EGP59 million Egyptian pounds (USD3.347 million).

It is recalled that in November last year, Travco Group, one of Egypt's largest travel and hospitality groups, disposed of its 51% stake in Air Arabia Egypt as part of a larger bid to divest itself of non-core assets.