Cairo – Mubasher: Heliopolis Company for Housing and Development said Monday that its board of directors has approved to establish a joint stock firm with an issued capital of EGP 240 million and a paid-up capital worth EGP 24 million.
The new firm will be in partnership with Nasr General Contracting Company, Al-Nasr Housing and Development, and Maadi for Development and Reconstruction, according to a bourse filing.
Heliopolis Housing’s stake in the new company will amount to 20% of the issued capital.
The stock rose on Sunday by 0.78% to EGP 28.5.
