The board of directors of El-Ebour Co. for Real Estate Investment approved unanimously raising the company’s issued capital to EGP 200 million from EGP 88.14 million.

The EGP 111.85 million capital raise will be distributed among 22.37 million shares at a par value of EGP 5 per share, according to a bourse disclosure on Thursday.

It is worth noting that during the first nine months (9M) of 2022, the real estate developer achieved EGP 4.04 million in net profits, compared to EGP 831,140 in the year-ago period.

Revenues for 9M-22 hit EGP 62.95 million, a surge from EGP 46.63 million in 9M-21.

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