Cairo – Mubasher: The extraordinary general meeting (EGM) of Egyptians for Housing and Development Co approved merging Emerald Real Estate Investment, Edge Development and Project Management, Emerald Development & Projects Management, Odin Investment & Development, and Odin for Investment and Real Estate Marketing into it.
The merger was concluded according to the book value as per the financial statements of all the companies starting from 31 December 2021 (Date of Merger), according to a stock exchange statement on Wednesday.
In September, Egyptians for Housing’s board of directors approved the said merger.
Earlier this week, shareholders of Emerald Real Estate, Odin Investment, and Emerald Development greenlighted their merger with Egyptians for Housing.
It is worth noting that in the first half (H1) of this year, Egyptians for Housing and Development recorded a net profit of EGP 11.53 million, compared to EGP 14.38 million in the year-ago period, including minority shareholders’ rights.
Meanwhile, revenues of the real estate developer came in at EGP 34.96 million in H1-22, up from EGP 34.59 million in H1-21.
