ArabFinance: The ordinary general meeting (OGM) of Madinet Nasr Housing and Development (MNHD) has approved the proposal of distributing 228 million bonus shares at a nominal value of EGP 1 per share to shareholders for the full year 2021, according to a statement filed to the Egyptian Exchange (EGX) on April 12th.

Accordingly, the company’s issued and paid-up capital will be raised to EGP 2.1 billion following the issuance of the EGP 228 million bonus shares.

It is worth noting that the company previously reported a 72% decline in consolidated profits attributable to the parent company in 2021, recording EGP 282.237 million, from EGP 1.001 billion in 2020.

MNHD is an Egypt-based real estate development company that is engaged in activities related to the development of land, buildings, and facilities, including the acquisition of lands as well as real estate sales and rentals.

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