Egyptian Airports Holding Company raises Capital to EGP5.8 billion

The General Assembly, held Thursday, for the state-run Egyptian Holding Company for Airports and Air Navigation (EHCAAN) has approved plans to raise the company’s capital to 5.8 billion Egyptian pounds (US$760 million).

The assembly was presided by Hossam Kamal, organised in the presence of Mahmoud Esmat the CEO of EHCAAN, in addition to the company’s board members and representatives of Egypt’s Accountability State Authority.

The assembly has also ratified the EHCAAN’s budgeting plan for the next fiscal year 2015-2016.

EHCAAN’s has endorsed its budget for fiscal year 2015-2016, revealing the investment plan for the company has been estimated at 2.7 billion pounds, including 888 million pounds self-financed and 1.8 billion pounds worth of loans from local banks and foreign organisations.

Among the most important projects to be carried out by EHCAAN is the completion of the passenger building number 2 at Cairo International Airport, the launch of a new building for Sharm El-Sheikh Airport, in addition to other infrastructure projects in various Egyptian airports nationwide.