Egypt's Marseilia approves moving to main market, developing new land plot

The company also decided to dismiss the Deputy Chairman and Managing Director

  
Residential buildings are seen in the New Administrative Capital (NAC) east of Cairo, Egypt March 8, 2021.

Residential buildings are seen in the New Administrative Capital (NAC) east of Cairo, Egypt March 8, 2021.

REUTERS/Mohamed Abd El Ghany
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

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