ICEC

EMRC Postpones Capital Increasing to next June

Egyptian Mortgage Refinance Company (EMRC) postponed increasing its capital to next June, as the company decided earlier to discuss this increase within the board’s meeting in last February.

Eman Esmail – Managing Director of EMRC- said that the company’s management has not decided the value of increase yet, as she mentioned that it is expected to be ranging from 100mln to 150mln EGP.

Eman confirmed that company will held the general meeting, during next May to adopt the budget of the period ended in the 31st of December 2011, and she added that the company has recorded profits of 14.470 million EGP, compared with 1.3 million EGP, during the comparable period, as the percentage of increase was 9.9%.

She mentioned an increase of 42.5% in the company’s portfolio of loans during the same period, as the portfolio reached 449 million EGP, compared with 315 million EGP during the comparable period, with an increase of 134 million EGP.

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