Egypt’s Madinet Nasr Housing submits capital cut documents

Egypt’s state-run Madinet Nasr for Housing and Development Company has submitted Monday the documents concerning a reduction in its issued capital to record 997.1 million pounds ($1.3 billion). 

The Egyptian company will decrease 2.899 million pounds from the capital against the remaining 2.899 million pounds shares of the reward and motivation system.

The documents are being checked for submission to the Listing Committee, a bourse filling added.