Arab Development’s BoD nods to capital increase

Updated 2/14/2022 11:03:48 AM

ArabFinanceArab Development and Real Estate Investment’s (ADRI) Board of Directors (BoD) has approved a proposal for a capital increase, according to a statement filed to the Egyptian Exchange (EGX).

The proposal includes increasing the company’s issued and paid-up capital to EGP 32.532 million from EGP 29.574 million through the issuance of 5.914 million shares at a nominal value of EGP 0.5 per share.

The capital increase will be funded by retained earnings as per financial statements of the period ended December 31st 2020.

Moreover, the BoD also approved to retain the profits registered in the year ended December 31st 2021, which will be presented before the company’s ordinary general meeting (OGM).

Launched in 2011 and listed on EGX in 2014, Arab Development's operations are focused on real estate development. It has one subsidiary operating across Egypt, working on real estate investment trusts.