Cairo – Mubasher: Real Estate Egyptian Consortium said that its board of directors approved the appointment of Adel Mamoun as the company’s chairman for a three-year term starting from 4 June.

The board decided to delay the selection of the CEO and managing director to be considered later when the current circumstances are more favourable.

Moreover, the board also approved the payment of EGP 22.27 million, representing the remaining value of the due taxes between 1988 and 1998 to benefit from the law which reduces late payment interest and penalties once it is introduced.

It is worth mentioning that during the first quarter of 2020, the company achieved net profits of EGP 5.4 million, down from EGP 6.7 million in the year-ago period.