Egypt’s property developer Porto Group appoints new chairman

Egyptian property developer Porto Group’s board of directors approved Tuesday to appoint Mohammed Sayed Abdel Raziq as the company’s chairman and managing director.

The board also agreed to hire Jamal Fawzy Fath Alah as the representative of Sol Global Holding Ltd, instead of Mohammed Fouad El Mekkawy, the company added in a filing to the Egyptian Exchange (EGX).

Porto Group previously has earlier reported a 41.9 percent decline in its first quarter net profits, reaching 45.5 million pounds from 78.37 million pounds, including minority shareholders’ rights.