Cairo – Mubasher: The extraordinary general meeting (EGM) of Egyptians for Investment and Urban Development Company agreed to offer underutilised assets owned by the company for sale.
It further approved the independent financial advisor’s report and study on the fair value (FV) of the entire asset owned by the company, spanning an area of 1876.29 square metres and situated at Gesr El Suez, Cairo, according to a bourse filing on Wednesday.
In addition, it nodded to the purchase offer submitted by Yasser Mohamed Emam to buy the said asset at a total value of EGP 35 million. The sale proceeds will be used in financing the company’s future plans and projects.
During the first half (H1) of 2022, the company turned to net losses of EGP 592,680, against net profits of EGP 340,200 in the year-ago period.
