Cairo – Mubasher: The Financial Regulatory Authority (FRA) has approved to publish the disclosure form of Marseilia Almasreia Alkhalegeya Real Estate Investment to proceed in its capital increase procedures.

The disclosure form includes the board of directors’ approval to raise the real estate firm’s capital by EGP 12 million to EGP 72 million from EGP 60 million by issuing 1-for-5 shares to be financed from retained earnings and profits for fiscal year ended 31 December 2018, the regulator said in a statement to the Egyptian Exchange (EGX) on Sunday.

During the first quarter of 2019, the real estate firm logged EGP 1.433 million in profits, compared to EGP 1.039 million in the year-ago period.

Sales rose to EGP 140 million in Q1-19 from EGP 61.2 million in Q1-18.