Egypt - The board of directors of Egyptians for Housing and Development Company (EHDR) has approved to assigned the company’s chairman in appointing a certified independent financial advisor (IFA) by the Financial Regulatory Authority (FRA), according to a statement filed to the Egyptian Exchange (EGX).

The IFA will be appointed to conduct the fair value (FV) study on the unlisted company Edge for Development and Projects Management’s stock.

This comes in line with Egyptians for Housing’s plan to acquire 39.99 million shares, representing a 99.9% of Edge for Development’s capital.

Egyptians for Housing operates in the real estate development and investment sector, with the focus on the businesses of buying, purchasing, dividing, and selling lands, and establishing buildings and facilities.

The company’s business also includes setting up urban expansion projects, residential and commercial complexes, and new township projects.

 

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