Cairo – Mubasher: Egyptian Modern Education signed an initial memorandum of understanding (MOU) with a real estate group to manage 3 to 66 language schools, according to the company’s statement to the Egyptian Exchange (EGX) on Wednesday.

The MOU is in line with Ministry of Education’s national project of constructing and operating distinguished language schools, the company added.

Modern Education’s profits declined 6% in the first quarter of the fiscal year 2016-2017 to EGP 5.244 million.

The company’s stock ended Tuesday’s trading at a rise of 3.91% to EGP 10.09, with a trading value of EGP 7.154 million.