Cairo – Mubasher: The Egyptian Financial Regulatory Authority (FRA) announced that Heliopolis Company for Housing and Development has submitted a request to increase its issued capital to EGP 333.7 million from EGP 111.25 million through bonus shares.

The real estate developer also aims to increase its authorised capital to EGP 1.5 billion from EGP 200 million, the FRA said in a statement to the Egyptian Exchange (EGX) on Wednesday.

The request is still pending the FRA’s approval, the statement showed.

Previously, the company’s board of directors approved to increase its issued capital to EGP 333.7 million from EGP 111.25 million.

During the first nine months of fiscal year 2018/2019, the property developer reported a net profit of EGP 39.5 million, compared to EGP 120.4 million in the year-ago period.

The company’s capital reaches EGP 111.25 million, distributed over 445.02 million shares at a nominal value of EGP 0.25 apiece.