Cairo – Mubasher: The ordinary general meeting (OGM) of Madinet Nasr Housing and Development (MNHD) approved an agreement to sell its entire stake in its subsidiary Nasr Utilities and Installations (NUI).
The agreement includes the sale of MNHD’s shareholder loan to the company as of 31 July, the company said in a bourse disclosure on Monday.
The shareholders also revoked the decision taken on 10 March for distributing cash dividends for 2019. A total of EGP 2.07 million will be allocated for retained earnings.
During the first nine months of 2020, MNHD posted net profits of EGP 628.99 million, slightly down from EGP 630.98 million in the year-ago period.
