Cairo – Mubasher: The board of Egyptians for Investment and Urban Development Company has approved the issued and paid-up capital raise by EGP 10 million to EGP 50 million from EGP 40 million.

The increase is distributed over 10 million shares with a nominal value of EGP 1 per share, according to the company's disclosure to the Egyptian Exchange (EGX) on Thursday.

These bonus shares will be distributed at 1 share for every four shares from the company’s retained earnings in the financial statements for the period ended 31 December 2019.

It is noteworthy to mention that during the first nine months of 2020, the company achieved net profits of EGP 32,600, against net losses of EGP 801,700 in the same period of 2019.