Cairo – Mubasher: The board of Naeem Holding approved increasing its investments in Smart Village Company as part of a business plan for expansion, a bourse filing indicated.

Egypt-based public shareholding company acquired a stake of 10.5% in Smart Village, which represents 681.12 million shares, thus raising the total stake to 17.76%.

Moreover, the board of directors adjourned the extraordinary general meeting to 25 July for lack of quorum. The extraordinary meeting is expected to discuss changing the nominal value from $1 to $0.7.

Naeem Holding earned $293,600 (EGP2.6 million) in the first quarter of 2016, against a net loss of $1.88 million (EGP16.8 million) for the year-ago quarter, the consolidated financial results indicated.

During the same period, its standalone profits declined 65.17% year-over-year to $1.03 million, from $2.96 million.