Cairo – Mubasher: The extraordinary general meeting (EGM) of the National Real Estate Bank for Development (NRPD) approved reducing the company’s issued capital to EGP 1.04 million from EGP 52.03 million.

The capital cut will reduce the share’s nominal value to EGP 0.20 from EGP 10. The company’s issued and paid-up capital will stand at EGP 1.04 million distributed among 5.20 million shares at a par value of EGP 0.20.

The company’s authorised capital will decrease to EGP 1.30 million as well, according to a recent bourse statement.

In the meantime, the EGM approved increasing the issued capital to EGP 105.10 million from EGP 1.04 million. The EGP 104.06 million capital raise will be distributed among 520.34 million shares at a par value of EGP 0.20 per share. In addition, the authorised capital will be hiked to EGP 250 million.

It is worth noting that in the first nine months (9M) of 2022, the net losses of the EGX-listed firm dropped to EGP 1.89 million, compared to EGP 2.56 million in the year-ago period.