Arab Finance: The Financial Regulatory Authority (FRA) approved the publication of Korra Energi’s capital hike prospectus proposed by the company's board, according to a bourse filing.

The FRA's approval paves the way for the upcoming extraordinary general meeting (EGM) to consider increasing both the company's authorized and issued capital.

Korra Energi seeks to raise the authorized capital from EGP 2.25 billion to EGP 4.25 billion and its issued and paid-up capital from EGP 450 million to EGP 855 million.

The EGP 405 million increase in issued capital will be distributed over 2.025 billion shares, with a nominal value of EGP 0.20 per share, in addition to issuance expenses of EGP 0.50 per share.

Existing shareholders will be invited to subscribe to 0.90 new shares for every share held at par value of EGP 0.20.

The capital raise aims to bolster the company’s working capital across its three main sectors: projects, energy, and exports, with allocations of up to EGP 255 million tol support operational activities, achieve optimal production capacity, and enhance profitability.