Cairo –  The board of directors of Marseilia Almasreia Alkhalegeya Real Estate Investment agreed to enter into partnership with the Northern Military Region to develop a land plot in Alexandria.

The board also decided to begin procedures to move the company's shares from the small- and medium-sized enterprise market to the main market of the Egyptian Exchange (EGX), the company said in a bourse disclosure on Wednesday.

In a separate disclosure, the company said that the ordinary general meeting (OGM) approved a decision to dismiss Yasser Ali Ahmed from his position as the Deputy Chairman and Managing Director of the company. An independent legal advisor will be hired to advise the company on some expenses made by the former managing director.

In addition, the extraordinary general meeting (EGM) approved a decision to increase the authorised capital to EGP 360 million from EGP 150 million and the issued and paid-up capital to EGP 100.8 million from EGP 72 million.

During the first half (H1) of 2021, the company incurred net losses of EGP 10.38 million, versus net profits of EGP 1.39 million in H1-20.

Source: Mubasher

All Rights Reserved - Mubasher Info © 2005 - 2021 Provided by SyndiGate Media Inc. (Syndigate.info).

Disclaimer: The content of this article is syndicated or provided to this website from an external third party provider. We are not responsible for, and do not control, such external websites, entities, applications or media publishers. The body of the text is provided on an “as is” and “as available” basis and has not been edited in any way. Neither we nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this article. Read our full disclaimer policy here.