Egyptian urban developer Madinet Nasr for Housing and Development (MNHD), says its board of directors approved on Tuesday, September 12, the conversion of 1.5 mn shares of its capital to global depository receipts (GDRs), Invest-Gate reports.

The developer signed an agreement with the Bank of New York Mellon (BNY Mellon) to issue the GDRs, which will be listed on the London Stock Exchange.

Every four shares will be converted into one GDR, a company statement read.

In an earlier extraordinary general meeting, the public shareholding company approved the conversion of up to 33% of capital into GDRs.

The Company’s projects include Nasr Gardens, which is a commercial development project in the northern suburbs of Cairo as well as Nasr City, a residential and commercial project comprising 752 houses and more than 41 shops.