Cairo – Mubasher: The board of directors of United Company for Housing and Development decided to slash the issued and paid-up capital to EGP 343.11 million from EGP 354 million.

The capital will be reduced by EGP 10.88 million through cancelling 8.7 million treasury stocks according to the balance as of 31 December 2020, the company said in a bourse disclosure on Monday.

The decision will be referred to the extraordinary general meeting (EGM) for approval.

In 2020, the company posted net profits of EGP 105.8 million, down from EGP 136.4 million a year earlier, including minority shareholders’ rights.