Madinet Masr agrees to capital hike

The ordinary general meeting (OGM) of Madinet Masr, formerly known as Madinet Nasr Housing and Development (MNHD), has accredited raising the issued and paid-up capital by issuing 35 million shares at a nominal value allocated for the employee stock ownership plan (ESOP), as per a filing on April 19th.

Accordingly, the capital will see an increase of EGP 35 million to EGP 2.135 billion from EGP 2.1 billion.

Moreover, the OGM agreed to distribute cash dividends of EGP 0.15 per share to shareholders in two installments in May and October 2023.

It is worthy to note that the company achieved a net profit of EGP 747.4 million in 2022, compared to EGP 282.6 million in 2021.

Established in 1959, Madinet Nasr is a leading real estate developer dedicated to building large-scale communities in strategic locations across Egypt.