Arab Finance: The Financial Regulatory Authority (FRA) has approved in principle for Egyptian Chemical Industries (KIMA) to invite senior shareholders to subscribe to the uncovered shares of the rights issue, as per a filing on May 28^th.

The remaining shares amount to 3.381 million shares and will be offered at a nominal value of EGP 5 per share.

On April 8^th, the FRA approved in principle for KIMA to invite senior shareholders to subscribe to the company’s rights issue.

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.

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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