Ahmad Allam wrote: Tamer Amin, Director of Investor Relations Company “Marseilia Egyptian Gulf real estate investment,” in a telephone call for “direct” that the company has signed an agreement with and share with the Federation of the occupants, Mr. Abdul Rahman to set up a tourism project Marsa Matrouh cost investment of 1.5 billion pounds.
The Secretary, that the project is the establishment of a tourist village integrated services is divided into villas and palaces and chalets and units, and is held in two phases equal within 4 years, pointing out that the investments estimated for the first phase range from 700 to 800 million pounds, where includes construction and concrete works.
The Director of Investor Relations in an exclusive statement to “live” there is no room for loans to finance the project.
In response to a question for “direct” about Amkanbh capital increase, said Director of Investor Relations Company “Marseilia Egyptian Gulf,” said the council will discuss possible solutions to the funding, noting that the introductions contracting for reserve units will contribute to the financing of the project, along with self-financing, with no room for loans.
Amin said, it has been to increase the issued share capital and paid 25 million pounds to 40 million pounds, an increase of 15 million pounds through the distribution of free shares of three bonus shares for every five shares of Genuine.
He added that the investment cost of the project is 1.5 billion pounds, ranging from the expected profitability of 15: 20%, and expected earnings are collected for each phase separately after delivery, according to the Egyptian Accounting Standards.
And investor relations manager said that the partnership contract is divided by 40% of the occupants of the Union, Mr. Abdulrahman , while the proportion of the company “Marseilia Egyptian Gulf Real Estate Investment” (60%).
It should be noted that the Commission under Securities had decided the shares issued capital increase of the company “Marseilia Egyptian Gulf Real Estate Investment” of 25 million pounds to 40 million pounds, an increase of 15 million pounds distributed over 15 million shares with a nominal value of 1 pound per share ( Fully Paid) (fourth edition) market, small and medium-sized companies and funded by the increase in 2011 profits, retained earnings and according to lists of 31 December 2011, and in accordance with the approval of the General Authority for Financial Control.
The committee said that this comes in accordance with the Listing Rules and the continuation and cancellation of the decision of the Board of Directors Financial Supervisory Authority No. 30 on June 18, 2002 and its amendments and executive procedures of her (and the decision of the Board of Directors of the Capital Market No. (81) for the year 2011 on the rules under securities issued small and medium-sized enterprises).
It is noteworthy that it has been frozen 25% of the shares of the increase of the founders and board members, bringing the total frozen 25% of the total share capital of the company after the increase in implementation of the decision of the General Authority for Financial Control No. (81) for the year 2011, according to the letter of Misr for Clearing and Depository contained on 28 May 2013.
Note that the right to free distribution of cash dividends until the end of the trading session on 12 June 2013 and that are distributed free shares rose three bonus shares for every five shares of Genuine from the beginning of the trading session June 13, 2013 with rounded for the benefit of shareholders from smallest to largest until stocks last through Misr for Clearing. It is scheduled to include the company’s shares after the increase access to the database with Ex-Dividend on shares of the company in accordance with the decision of the Council of the Stock Exchange on November 10, 2003, with effect from the beginning of the trading session on 13 June 2013.
The Board of Directors of the Company approved the unaudited business results for the period ended March 31, 2013, showed a profit of 3.4 million pounds, compared with a profit of 3.3 million pounds in the same period of the previous year, a growth rate of 1.76%. Indicators showed the results of the company’s business during the year 2012, achieving a profit of 6.7 million pounds, an increase of 10%, compared to a profit of 6.1 million pounds in 2011.