Cairo – Mubasher: El Shams Housing and Urbanization said its board of directors agreed on an increase in issued capital to EGP 110 million from EGP 100 million.

The EGP 10 million increase will be divided into 10 million shares at EGP 1 par value each, and will be financed from fiscal year 2014 profits.

Meanwhile, the board also approved using EGP 17.9 million from retained profits in financing projects, and mandated the chairman to call for an extraordinary general meeting to look into amending articles of incorporation accordingly.

The company’s shareholders previously approved the distribution of bonus shares worth EGP 2 million, at EGP 0.02 per share.

The housing firm earlier posted EGP 40.7 million ($5.3 million) in net profits for FY14, up from EGP 34.2 million ($4.5 million) a year earlier.