Heliopolis Company for Housing and Development’s Board of Directors approves establishing a joint stock firm with issued capital of EGP 240 mn and paid-up capital worth EGP 24 mn, Invest-Gate reports.

The new firm will be in partnership with Nasr General Contracting Company, Al-Nasr Housing and Development, and Maadi for Development and Reconstruction, according to a bourse filing. The news was announced by the BoD on Monday.

Heliopolis Housing’s stake in the new company will amount to 20% of the issued capital.

The stock rose on Sunday by 0.78% to EGP 28.5.