Naeem subsidiary Reacap will merge with Wadi Degla Development to create an entity worth EGP 3.5 bn, according to Reuters. The agreement will see Degla constituting 74% of the new entity and Reacap the rest. Reacap will run a capital increase of 300 mn shares at EGP 11 a share to execute the merger, which should be done by the end of the year. The real estate portfolio of the new entity will stand at around 6 mn sqm, of which 4 mn sqm will be under development and 2 mn sqm undeveloped.

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