Cairo – Mubasher: The board members of Misr El Gadida for Housing and Development agreed to increase the issued capital to EGP 1 billion from EGP 333.71 million.
The company’s board greenlighted the EGP 667.54 million capital raise on 20 October 2024, according to a bourse disclosure.
Misr El Gadida highlighted that the increase will be disbursed over 1.33 billion shares, with a nominal value of EGP 0.25 per share.
The EGX-listed firm will issue two bonus shares for each owned share, funded from the net profits registered in 2023.
As of 31 December 2023, the company’s net profits hiked to EGP 7.80 billion from EGP 603 million in 2022.
