Arab Finance: Korra Energi's extraordinary general meeting (EGM) has approved raising the company’s issued and paid-up capital by EGP 405 million through a rights issue for existing shareholders, as per a disclosure.
The capital increase will lift the company’s issued and paid-up capital to EGP 855 million from EGP 450 million.
Existing shareholders are invited to subscribe to 0.90 bonus shares for every ordinary share held at a par value of EGP 0.20 each, in addition to issuance expenses of EGP 0.005 per share.
The subscription rights will be tradable separately from the original shares. Once the increase is completed, Korra Energi’s total outstanding shares will rise to 4.275 billion.
The EGM also unanimously approved increasing the company’s authorized capital to EGP 4.25 billion from EGP 2.25 billion and amending Article 6 of its Articles of Association accordingly.
