Arab Finance: The Financial Regulatory Authority (FRA) has approved in principle for Egyptian Chemical Industries (KIMA) to invite senior shareholders to subscribe to the company’s rights issue, according to a statement.

Through the rights issue, the company seeks to raise its issued capital by EGP 4 billion distributed over 800 million shares at a nominal value of EGP 5 per share, in addition to issuance fees of EGP 0.05 per share.

The company’s extraordinary general meeting (EGM) previously approved increasing the issued and paid-up capital to EGP 9.932 billion from EGP 5.932 billion.

KIMA is an Egypt-based chemical producer, founded in 1956 to produce nitrogenous manure for the Southern Valley by using the elector-hydraulic power generated by the Aswan Dam.

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