ArabFinance: The board of directors of Egyptians for Investment and Urban Development (EIUD) approved to submit the capital increase proposal to the extraordinary and ordinary general meetings (EGM and OGM), according to a statement filed to the Egyptian Exchange (EGX).

The board agreed on raising the company’s issued and paid-up capital to EGP 100 million from EGP 50 million.

The capital increase amounts to EGP 50 million distributed over 50 million shares at a nominal value of EGP 1 per share.

Once approved by the EGM and OGM, Articles 6 and 7 of the company’s Articles of Association will be amended subject to the approval of the Financial Regulatory Authority (FRA).