Cairo – Mubasher: The board of directors of Cairo for Investment and Real Estate Development (CIRA) approved a decision to issue Ijara Sukuk worth up to EGP 600 million.

The issuance, still pending shareholder approval, will be managed by the Egyptian Financial Group Hermes Holding (EFG Hermes), CIRA said in a bourse disclosure on Sunday.

The company’s extraordinary general meeting (EGM), which will convene on 22 December, will also take a decision regarding the sale of buildings and land plots of five schools to EFG Hermes as part of the Sukuk transaction.

During the nine-month period ended on 31 May, CIRA reported net profits of EGP 330.4 million, compared to EGP 231.56 million in the year-ago period.