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CIRA to raise ownership in Star Light, acquire stake in Global Furniture

CIRA to raise ownership in Star Light, acquire stake in Global Furniture
The total value of these investments amounted to EGP 58.255 million.
CIRA Education
CIRA
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Cairo – Mubasher: The board of directors of Cairo for Investment and Real Estate Development (CIRA) approved the acquisition an additional stake of 20% in Star Light Educational DMCC, bringing its entire stake in the company to 80%.

The board also approved a decision to contribute 40% to the capital of Global Furniture Company, mainly specialised in the manufacturing of wooden and metal furniture of schools and universities, CIRA said in a bourse disclosure on Thursday.

The proceeds of the capital increase will be used to purchase a land plot and build a new factory for Global Furniture Company in Badr City at a cost of EGP 14.5 million.

The total value of these investments amounted to EGP 58.255 million.

During the six-month period ended 28 February, the company reported net profits of EGP 246.05 million, compared to EGP 223.734 million in the year-ago period, including minority shareholders’ rights.