Cairo – Mubasher: Egyptian for Developing Building Materials (Lift Slab) announced that the delivery of its minarets project in the New Administrative Capital is near completion.

The company has sealed EGP 22 million contracts since the beginning of the project, according to a statement to the Egyptian Exchange (EGX).

Moreover, the company is working on the decoration project at the new parliament building located in the new capital, which was signed in February 2019.

Lift Slab also plans to buy a plot of land to establish inventories and workshops to cut consumer spending and replace it with investments by increasing capital slightly, the company revealed.

In the same vein, the company’s vice chairman Mahmoud Shafiq said that the company would allocate EGP 3 million for the inventories and workshops and would develop the company’s equipment with around EGP 20 million.

The extraordinary general meeting (EGM) of Lift Slab previously approved an EGP 31.02 million capital hike to raise issued capital to EGP 34.07 million from EGP 65.1 million.