Cairo – Mubasher: Arab Real Estate Investment Company’s (ALICO) board of directors approved to raise the company’s capital by EGP 49.2 million to EGP 295.6 million through bonus shares issue.

The EGP 49.2 million capital hike has been financed from ALICO’s retained profits of the previous years, according to a statement to the Egyptian Exchange (EGX) on Wednesday.

The board authorised the extraordinary general meeting (EGM) to amend articles six and seven of the firm’s articles of association.

ALICO’s profits amounted to EGP 6.8 million from January to December 2018, down from EGP 10.5 million a year earlier.