Cairo – Mubasher: Obour Land for Food Industries will finance its under construction subsidiary Obour Farm for agricultural investment from the company’s profits over the coming four years, the company said in a statement to the Egyptian Exchange (EGX) on Thursday.

The board of Obour Land approved setting up the 98% owned subsidiary with an issued capital of EGP 50 million distributed over 50 million shares.

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.