Cairo – Mubasher: Arabia Investments Holding’s ordinary general meeting (OGM) approved raising the company's issued and paid-up capital to EGP 432.5 million from EGP 144.17 million.
The company’s issued and paid-up capital will be increased by EGP 288.33 million, distributed over 961.11 million shares at a nominal value of EGP 0.30 apiece, according to a statement to the Egyptian Exchange (EGX) on Monday.
Shareholders also approved capital raise expenses of $1.37 million.
During the first quarter of 2019, Arabia Investments Holding’s net profits declined to EGP 22.13 million, compared to EGP 23.99 million in the year-ago period.
Year-on-year, revenues fell to EGP 329.83 million in the three-month period ended 31 March from EGP 428.49 million.
At the level of standalone business, the company’s losses widened to EGP 6.52 million in Q1-19, compared to EGP 2.87 million in Q1-18.
