FRA approves capital increase for Arab Development

Updated 2/27/2022 3:46:20 PM

ArabFinance: The Financial Regulatory Authority (FRA) has agreed to publish the disclosure on the decisions of Arab Development and Real Estate Investment’s (ADRI) board of directors regarding the capital increase, according to a bourse filing.

The company’s board previously decided to raise the issued and paid-up capital to EGP 32.53 million from EGP 29.57 million.

The capital increase amounts to EGP 2.95 million to be financed from retained earnings and profits as per the financial statements for the year ended December 31st 2021.

Launched in 2011 and listed on EGX in 2014, Arab Development's operations are focused on real estate development. It has one subsidiary operating across Egypt, working on real estate investment trusts.