Cairo – Mubasher: Madinet Nasr Housing and Development (MNHD) said Tuesday it obtained the approval of shareholders on raising issued capital to EGP 375 million through the distribution of bonus shares at 0.5-for-1.
In a meeting held mid-November, the company’s board proposed an increase in capital to EGP 375 million from EGP 250 million through a bonus issue to be financed from FY14 retained earnings.
The company’s EGM also approved amending articles of incorporation accordingly.
MNHD earlier posted a 4.7% decline in net profit for the first nine months of 2015 to EGP 154.36 million, down from EGP 161.99 million in the prior-year period.
