Mubasher: Kuwait-based United Real Estate announced that its fully-owned subsidiary in Egypt has completed the required procedures for its capital increase.

United Real Estate Investment has finished all procedures to raise its issued and paid-in capital by EGP 40 million to EGP 225 million, according to a statement to Boursa Kuwait on Monday.

The capital increase will be financed by the credit balance, the statement showed.

It is noteworthy that during the first half of 2019, the Kuwaiti firm logged a net profit of KWD 2.42 million, against a net loss of KWD 1.69 million in the year-ago period.