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New Ismailia’s board approves capital cut

New Ismailia’s board approves capital cut

ArabFinance: The board of directors of New Ismailia for Urban Development Company (IDRE) approved reducing the authorized capital to EGP 736.76 million from EGP 1 billion, the company disclosed to the Egyptian Exchange on February 24th.

The board also determined the company’s issued capital at EGP 147.35 million, divided into 36.838 million shares at EGP 4 per share.

The listed company cut its net loss to EGP 1.13 million in 2020, compared to EGP 1.63 million in 2019.

New Ismailia focuses on planning and establishing urban areas while carrying out infrastructure projects such as drinking water, sanitation, electricity, roads, communications, and multiple garages.


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