United Company for Housing and Development’s board members approved, on December 23rd, lowering the issued and paid-up capital by EGP 32.67 million, as per a bourse filing.

The EGX-listed firm will cut its capital to EGP 294.27 million from EGP 326.95 million.

The transaction will be implemented by writing off 26.14 million treasury shares.

United for Housing is an Egypt-based company that operates in the housing and real estate investment sector, primarily in Alexandria.

It purchases, reclaims, and sells land and property, in addition to developing housing and construction projects and offering financial leasing services.

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