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Al Shams Housing's board approves capital raise to EGP 500m

Al Shams Housing's board approves capital raise to EGP 500m
The board agreed to sell the company’s shares in El Kahera Housing
Al Shams Housing
ELSH
1.20% 4.21 0.05

Cairo – Mubasher: The board of directors of Al Shams Housing and Urbanization approved a proposal to increase its authorised capital to EGP 500 million.

The proposal is still subject to shareholder approval, the company said in a bourse disclosure on Wednesday.

In addition, the board also agreed to sell the company’s shares in El Kahera Housing.

It is noteworthy to mention that during the first three months of 2020, Al Shams Housing posted net profits of EGP 49.4 million, up from EGP 36.1 million in the year-ago period.