Cairo – Mubasher: The extraordinary general meeting (EGM) of the Real Estate Egyptian Consortium approved a five-for-one stock split.

Accordingly, the company’s issued capital of EGP 80 million will be distributed on 40 million shares at a nominal value of EGP 2 a share instead of 8 million shares at a nominal value of EGP 10 apiece, according to a statement to the Egyptian Exchange (EGX) on Sunday.

It is noteworthy that during the first half of 2019, the company’s net profits hiked to EGP 24.63 million from EGP 5.37 million in the year-ago period.