Egyptians for Investment approves EGP 10M capital raise
Updated 11/26/2020 12:21:20 PM
ArabFinance: The board members of Egyptians for Investment and Urban Development gave a green light for increasing the issued and paid-up capital to EGP 50 million, according to a November 26th disclosure to the Egyptian Exchange.
This marked a rise of EGP 10 million from the current EGP 40 million capital, the statement indicated.
The increase value will be distributed on 10 million shares at a nominal value of EGP 1 each, the company noted.
Egyptians for Investment said the capital hike will be carried out through bonus shares as one new stock for each four original shares.
The board called for holding an ordinary general meeting on December 22nd to consider the capital raise decision.
Earlier this month, the company announced a net profit after tax of EGP 32,606 during the first nine months of 2020.
