The Egyptian Exchange’s (EGX) listing committee approved increasing Madinet Nasr Housing and Development’s (MNHD) issued and paid-up capital by EGP 240 million, distributed over 240 million shares at a nominal value of EGP 1 apiece.
The property developer’s capital will be raised to EGP 1.44 billion from EGP 1.2 billion by issuing bonus shares, the Egyptian bourse said in a statement on Thursday.
The Egyptian real estate company’s bonus shares will be listed on the EGX starting from trading session on 10 June, the statement added.
The eligibility of bonus shares shall be for the shareholders registered until the end of trading session on 9 June.
In March, MNHD’s shareholders approved distributing 1-for-5 bonus shares for fiscal year 2018 to raise the company’s capital to EGP 1.44 billion.
During the first quarter of 2019, MNHD’s net profits amounted to EGP 332.3 million, compared to EGP 313.5 million in the year-ago period.
Revenues rose by 3.83% year-on-year to EGP 634.22 million from EGP 610.8 million in Q1-18.
As for standalone business, the EGX-listed firm logged a profit of EGP 332.13 million in Q1-19, compared to EGP 328.89 million in the corresponding period a year earlier.