Misr Life Insurance downsized its stake in Al Shams Housing and Urbanization (EGX:ELSH) for EGP 15.293 million, according to a disclosure posted on Tuesday on the Egyptian Exchange (EGX).

The insurer sold EGP 1.9 million shares at an average price of EGP 8.05.

Accordingly, Misr Life Insurance’s stake in Al Shams decreased to 11.965% from 12.802%.

Al Shams Housing is primarily focused on the purchase and lease operations of lands for the purpose of developing, managing, selling, and leasing out property and buildings, as well as offering contracting, construction, maintenance, and management services to residential, touristic, and administrative structures.