Cairo – Mubasher: The boards of directors of Heliopolis Company for Housing and Development gave go ahead to the subscription by 5% in the capital of new company owned by the National Company for Asset Management and Investment.
The new company will capitalized at authorized capital of EGP 30 million, where the National Company for Asset Management will hold 55% stake.
Heliopolis Housing has mandated EFESO Consulting firm to prepare the preliminary studies in respect to the new company strategy.
The real estate developer posted an increase of 189% in net profits for the first half of the fiscal year 2015/16, where it saw net profits of EGP 258.2 million for the first half of FY15/16, compared with EGP 89.3 million a year earlier.
