Cairo - Mubasher: Madinet Nasr Housing and Development Co. said it will hold ordinary general meeting on 14 December to discuss raising its issued capital to EGP 375 million.

The company obtained the approval of the Egyptian Exchange (EGX) listing committee to conduct both ordinary and extraordinary general meeting to discuss capital hike to EGP 375 million.

Earlier, the company's board decided to raise the company's capital from EGP 250 million to EGP 375 million, up by EGP 125 million.

The capital increase will be effected through the distribution of bonus shares at 0.5 to 1.