Cairo - Mubasher: Madinet Nasr for Housing & Development’s (MNHD) board on Tuesday approved the conversion of 1.5 million shares of its capital to global depositary receipts (GDRs).

MNHD signed a deal with the Bank of New York Mellon (BNY Mellon) to issue the GDRs, which will be listed on the London Stock Exchange (LSE), according to a company statement.

MNHD added that the board approved the conversion ratio of 1 GDR for every four owned shares, or at 1-for-4 ratio.

Earlier this month, MNHD said it had extended the grace period for shareholders looking to convert their shares into GDRs to Thursday, 7 September.

The EGX-listed company’s capital amounts to EGP 997.1 million divided on  997.1 million shares at par value of EGP 1 per share.