Cairo – Mubasher: El Obour Real Estate Investment said it used around EGP 1.9 million of the proceeds of its recent capital increase in the first half of 2016.
The company said it directed the funds towards completing the construction works at a land plot in the fifth district worth EGP 750,000, in addition to another construction works related to a land plot in the ninth district in Obour city at total cost of EGP 1.15 million.
The remaining amount of the capital increase proceeds stand at EGP 1.18 million
El Obour Real Estate turned into profits during the first half of 2016 as it reported profits of EGP 321,000, against losses of EGP 2.2 million a year earlier.
