The Ordinary General Assembly of the Egyptians for Investment and Urban Development, held on Monday, February 8, 2021, agreed to increase the capital from 40 million to 50 million pounds by a quarter of a free share for each shareholder financed from the company’s profits.
The association also agreed to amend Article 3 of the company’s articles of association, in addition to amending Article 4 of the company’s articles of association.
Mohamed Shabana, managing director of the company, said that the company’s ordinary general assembly, held on December 22nd, had agreed to increase the company’s capital from 40 million pounds to 50 million pounds, an increase of 10 million pounds by distributing bonus shares.
Shabana pointed out that the distribution of the bonus shares is financed from the dividends carried out by the company until the date of December 31, 2019, by one share for every four original shares.
He pointed out that this strengthens the company’s position with the shareholders and their confidence in the investment therein and the distributions that entail, as well as the future view of its performance, profits and revenues resulting from the investments it makes.
The Egyptian Company for Investment and Development is one of the active companies listed in the registration tables of the Egyptian Stock Exchange and registered in the real estate sector. It operates in the real estate and tourism sector and the field of construction and construction of real estate, tourist villages, hotels and restaurants, division of land, purchase and sale of land, construction, purchase, sale and rental of real estate, tourism housing, complementary works, infrastructure, import, export and agencies. Commercial and carrying out all technical and engineering consultations.
The article “Egyptians for Investment” generalization approves the capital increase by distributing a quarter of free shares to each shareholder that was written in the Al-Borsa newspaper.