Cairo – Mubasher: The board of Al Shams Housing and Urbanization agreed on raising the company’s capital by distributing EGP11 million bonus shares, pending the approval of shareholders.
The company will increase capital to EGP121 million from EGP110 million by distributing 1-for-10 bonus shares.
The board also agreed to hold the ordinary and extraordinary general meetings for looking into articles no.6 and 7 of the memorandum.
Moreover, the board also approved using EGP12.4 million out of retained earnings to strengthen the company’s financial reserve for projects, namely the company hankers for new investments.
On 27 March 2016, the ordinary general meeting approved distributing cash dividends at EGP0.10 for the fiscal year 2015
