Cairo - Mubasher: The Listing Committee of the Egyptian Exchange (EGX) has approved the capital increase of Madinet Nasr Housing and Development Company (MNHD) from EGP 500 million to EGP 1 billion.

In a statement issued on Wednesday, the EGX revealed that the capital hike will be through the issue of 500 million shares with a nominal value of EGP 1 per share.

In March, the company’s ordinary general meeting (OGM) had approved the board’s recommendation to distribute cash dividends and bonus shares.