Cairo – Mubasher: The Egyptian Financial Regulatory Authority (FRA) has approved publishing the disclosure form of Al Shams Housing and Urbanization to proceed in its capital hike procedures, according to a bourse disclosure on Wednesday.
In September, the company’s board of directors decided to raise the company’s issued capital to EGP 181.5 million from EGP 121 million.
The capital increase will be financed from the profits as of the financial statements for the fiscal year ended 31 December 2018, the FRA said.
It is noteworthy that during the first half of 2019, the EGX-listed firm logged a net profit of EGP 73.90 million, down from EGP 135.75 million in H1-18.
