Cairo – Mubasher: Egyptians for Housing and Development Company approved unanimously selling its entire stake of 284.47 million shares in Odin Capital Group for Financial Investments.

The decision was made by the real estate developer’s ordinary general meeting (OGM) in light of the firm's restructuring following the merger, according to a bourse filing on Tuesday.

The OGM also agreed to elect a new board by acclamation for a new three-year term starting as of January 2023, to be chaired by Ibrahim Fawzi Abdul-Wahed.

It is worth noting that in the first nine months (9M) of 2022, Egyptians for Housing registered net profits of EGP 18.88 million, compared to EGP 25.38 million in the year-ago period, including minority shareholders’ rights.

Revenues for 9M-22 amounted to EGP 56.31 million, down from EGP 58.02 million in 9M-21.