Cairo – The extraordinary general meeting (EGM) of Emerald Real Estate Investment approved merging the company, as well as Emerald Development & Projects Management, Edge Development and Project Management, Odin Investment & Development, and Odin for Investment and Real Estate Marketing in Egyptians for Housing and Development Co.
The merger was concluded as per the book value as of 31 December 2021 (Date of Merger), according to a stock exchange statement on Sunday.
Moreover, shares of the merging company will be distributed among shareholders of all the companies following the merger.
It is worth noting that in the first half (H1) of this year, Egyptians for Housing recorded a net profit of EGP 11.53 million, compared to EGP 14.38 million in the year-ago period, including minority shareholders’ rights. Meanwhile, revenues of the real estate developer came in at EGP 34.96 million in H1-22, up from EGP 34.59 million in H1-21.
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