ArabFinance: The Financial Regulatory Authority (FRA) said the valuation report of Atlas for Investment's (AIFI) land does not meet the Egyptian standards for real estate valuation, according to the FRA's statement August 24th filed to the Egyptian Exchange.

In July, the company decided to assign a financial advisor to value its land located at 42.5 km on the Cairo-Alexandria Desert Road.

Atlas for Investment posted a standalone net profit of EGP 314,920 in the first half (H1) of 2020 against a net loss of EGP 429,436 in H1 2019.

Earlier, the company decided to split the par value of its share from EGP 10 to EGP 1 with maintaining the issued and paid-up capital unchanged at EGP 65,128,540.

Atlas was established in 1997 and listed in 2012. It is a parent for another four companies focusing on real estate, farm development, and agricultural processing with a registered capital of EGP 60 million.