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Delta Construction increases capital by EGP 25.7m - Daily News Egypt

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Delta Construction increases capital by EGP 25.7m

Company earned net profits worth EGP 4.3m in 2014, compared to EGP 7.6m in 2013, marking year-on-year decrease of 43.4%

Delta for Construction and Rebuilding has approved increasing its capital by EGP 25.7m, the company announced Sunday.

The company’s current capital is worth EGP 231.1m, distributed over 23.1m shares, with a nominal value of EGP 10. With the announced increase, however, capital is to reach EGP 256.7m.

The capital increase will be financed from the company’s earned profits during the year 2014, where net profits amounted to EGP 4.3m.

In 2013, however, the company’s net profits stood at EGP 7.6m, marking a year-on-year decrease of 43.4% in 2014.

Delta was established in 1986 as an Egyptian joint-stock company operating in the real estate investment sector. The projects established by the company include Delta Stars, Delta Flowers, Delta Life and Delta Sharm.

In February, the general assembly of real estate company Palm Hills Developments also approved increasing the company’s capital by EGP 1.648bn, from EGP 2.69bn to EGP 4.34bn. The company stated that it is planning on issuing 824m shares in the stock market at EGP 2 per share, in addition to 3.5 piasters as issuance expenses.

The Palm Hills company plans to increase its capital due to a desire to expand in both the residential and commercial sector.

In late February, the board of directors of Qalaa Holding approved the increase of its capital from EGP 8bn to EGP 9.7bn, EGP 1.7bn value of increase.

“The proposed capital increase will be primarily funded through the capitalisation of liabilities arising from the purchase of additional shares in core subsidiaries, particularly in energy and cement, from limited partners and co-investors,” the company said.

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