Cairo – Mubasher: The Financial Regulatory Authority (FRA) on Tuesday announced that Marseilia Almasreia Alkhalegeya Real Estate Investment has submitted documents to raise its issued capital.
The Egyptian real estate firm aims to increase its issued capital by EGP 12 million to EGP 72 million from EGP 60 million by issuing 1-for-5 shares to be financed from deferred earnings and profits for fiscal year ended 31 December 2018, the state-run financial regulator said in a statement.
The FRA is currently reviewing the disclosure and its attached documents, the statement added.
For the full-year 2018, the company’s profits plunged by 51.9% year-on-year to EGP 1.97 million, compared to EGP 4.1 million in the prior year.
In addition, revenues retreated to EGP 352.5 million last year from EGP 452.6 million in 2017.
