Cairo – Mubasher: The board of directors of Nile City Investments approved a proposal to select an advisor to set a plan to legalise the company’s position in accordance with the Egyptian Exchange’s (EGX) listing rules.

The board also greenlighted the investment committee’s recommendations regarding the cancellation of a plan to establish a new development company in the current period, according to a bourse disclosure on Sunday.

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