Cairo – Mubasher: The board of Nile City Investments approved a decision to contribute to establishing a new company with an authorised capital of EGP 2 billion and a paid-up and issued capital of EGP 900 million.

Nile City Investments will contribute EGP 540 million or 60% to the capital, while the remaining 40% or EGP 360 million will be injected by its 99.9%-owned subsidiary Nile City for Tourism and Hotels, according to a bourse disclosure on Monday.

The new company will be responsible for the development of Ahl Masr Walkway. The decision is still pending shareholders’ approval.

In 2019, Nile City Investments logged net profits of EGP 598.85 million, up from EGP 527.35 million a year earlier.