Cairo-Mubasher: Al Shams Housing and Urbanization said its ordinary general meeting held on Sunday approved transferring retained earnings by EGP 27.9 million to increase issued and paid-in capital.

In May, the Egyptian bourse said it was studying the company's report to raise issued capital from EGP 100 million to EGP 110 million. The EGP 10 million increase is divided into 10 million shares at a par value of EGP 1 each.

The extraordinary general meeting approved the capital top-up and amendment of articles No. 6 and 7 of the articles of association.

The real estate developer operates with EGP 100 million in capital, divided into 100 million shares at a par value of EGP 1 each.