By: Ahmed Allam
Cairo – Mubasher: Al Shams Housing and Urbanisation's shareholders on Sunday approved raising the company's capital through the issuance of bonus share for every 10 shares.
The ordinary general meeting (OGM) approved a capital increase of EGP 11 million, raising capital to EGP 121 million, financed through retained earnings from financial results in 2015, said managing director for financial affairs Mohamed Galal.
The top official told Mubasher that the OGM approved transferring EGP 12.4 million, which is the remainder of the retained profits after the capital hike, to act as financing reserves for the company's projects.
The extraordinary general meeting (EGM) also approved the amendments made to articles no. 6 and 7 of the company's articles of association.
Al Shams Housing reported a net profit of EGP 46.5 million in 2015, compared to EGP 40.6 million in 2014.
Translated by: Nada Adel Sobhi
