Cairo – Mubasher: The board of Cairo Development and Investment approved amending articles no. 6 and 7 of the memorandum after its rights issue was successfully covered, according to a bourse filing.
In addition, capital top-up to EGP 100 million was repaid by existing shareholders through a two-phase right issue.
Earlier, the company’s board gave a nod to increase the company’s capital through a right issue, where the company will offer 25 million shares for subscription and shareholders are entitled to subscribe to one share per each owned one share at par value EGP 2 each.
In the first phase, the company rights issue was covered by 78.79% in the first phase, while the second phase was covered by 17.71 times, according to a bourse filing.
In 2015, the company’s net profits after tax moved down to EGP1.9 million ($213,000) from EGP21.7 million ($2.4 million) last year.
