Cairo – Mubasher: The board of Al Shams Housing and Urbanization has approved the increase of the company’s issued capital to EGP 121 million from EGP 181.5 million through the issuance of bonus shares.

The company’s capital will be increased by EGP 60.5 million divided into 60.5 million shares, according to a bourse statement released on Wednesday.

The board also approved amendments to Clause 6 and 7 of the articles of association.

It is worth noting that the EGX-listed company’s net profits shrank to EGP 96.96 million in the first nine months of 2019, compared to EGP 170.7 million in the year-ago period.