Cairo – Mubasher: Obour Land for Food Industries will establish a 98% owned subsidiary, Obour Farm for agricultural investment and livestock production, with an issued capital of EGP 50 million distributed over 50 million shares.

The board of Obour Land decided to set up a subsidiary specialised in the field of livestock and dairy production with, with a licensed capital of EGP 500 million, the company added in a statement to the Egyptian Exchange (EGX) on Wednesday.

In October, the Egyptian food industries company approved adding a dairy production project with an estimated cost ranging between EGP 105 million and EGP 115 million. 

Obour Land had previously posted a net profit of EGP 80.56 million in the third quarter of 2017, up from EGP 40.99 million in Q3-16.