Cairo – Mubasher: Al Shams Housing and Urbanization Company announced Thursday that its board of directors will gather on 10 April to discuss increasing the capital and buying new land.
According to a bourse filing, the board will look into increasing the company’s capital from EGP 110 million to EGP 121 million, with a rise of EGP 11 million distributed across 11 million shares.
The capital hike will be through distributing at 1-for-ten bonus shares financed through retained profits.
The board will also discuss using EGP 12 million from retained profits to buy a new land.
The company’s shareholders earlier approved distributing cash dividends at EGP0.10 a share for 2015.
