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Al Shams Housing gets regulatory nod to raise capital to EGP 181.5m

Al Shams Housing gets regulatory nod to raise capital to EGP 181.5m
The company’s capital will be raised by EGP 60.5 million
Al Shams Housing
ELSH
-1.84% 6.40 -0.12

Cairo – Mubasher: The Egyptian Financial Regulatory Authority (FRA) approved increasing the issued capital of Al Shams Housing and Urbanization to EGP 181.5 million from EGP 121 million.

The company’s capital will be raised by EGP 60.5 million, fully paid from the shareholders’ dividends for 2018 earnings, the company said in a statement to the Egyptian Exchange (EGX) on Sunday.

Previously, the board of directors approved increasing the company’s issued capital by EGP 60.5 million through the issuance of bonus shares. 

It is noteworthy that during the first half of 2019, the company logged a net profit of EGP 73.90 million, compared to EGP 135.75 million in H1-18.