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Nile City scraps plan to launch development company

Nile City scraps plan to launch development company

ArabFinance: Nile City Investments(NCIN) board of directors approved the investment committee’s recommendations regarding the cancellation of a plan to establish a new development company in the current period, according to the company’s February 14th statement to the Egyptian Exchange (EGX).

The company’s board also greenlighted a proposal to select an advisor to set a plan to legalise the company’s position in accordance with the EGX’s listing rules.

The listed company reported a 69% Year on Year drop in its consolidated net profit for the first nine months of 2020, registering EGP 155.43 million, compared to EGP 508.97 million in the same period a year ago.

Nile City Investment is an Egypt-based public shareholding company engaged in the real estate development and investment sector. It invests in real estate developments, mainly residential, commercial, and administrative unit buildings.

 

 

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