Cairo –  Real Estate Egyptian Consortium intends to increase the authorised capital to EGP 400 million from EGP 100 million.

The real estate developer will carry out the procedures required for the capital hike process after it obtains the necessary approvals of concerned authorities, according to a bourse filing on Tuesday.

In the first quarter (Q1) of 2022, Real Estate Egyptian Consortium reported net profits after tax worth EGP 6.22 million, lower than EGP 8.02 million in Q1-21.

Last October, Target For Real Estate Investment, Development, Agricultural Reclamation, and Tourism Development raised its 2.26% stake in the listed firm to 7.39%.

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