Cairo-Mubasher: Madinet Nasr Housing and Development's board gave an in-principle approval to issue global depository receipts (GDRs), the developer said in a filing to the Egyptian bourse.
The board mandated board member Aladdin Hassouna Saba to negotiate with Bank of America over the GDR issuance.
The real estate developer posted EGP 154.36 million in net profits after taxes for the first nine months of 2015, a fall of 4.7% compared with EGP 161.99 million in the same period a year earlier.
