Riyadh – Mubasher: Al Babtain Power and Telecommunication Company’s board of directors decided to raise the capital of its subsidiary Al Babtain Power and Telecommunication- Egypt by 38.9% to EGP 125 million ($14.08 million) from EGP 90 million ($10.14 million).
According to a bourse filing released on Monday, the capital hike is aiming at supporting the financial position of the company’s unit in Egypt, in addition to developing its activities.
The capital increase is contingent on the approval of Egyptian authorities.
