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.