Cairo – Mubasher: Cairo Development and Investment announced Thursday that the second phase of its right issue was covered by 17.71 times, according to a bourse filing.
The allotment rate was set at 5.65%, said the company, adding that the refunds will be made within a week from the end date of subscription.
In the second phase, the company offered 5.3 million shares, the bourse filing indicated.
On 17 May, the company stated the first phase was covered by 78.79% through subscription to 19.7 million shares worth EGP 40.18 million, the company said, clarifying around 5.3 million shares were not covered in that phase.
Earlier, the extraordinary general meeting approved increasing its paid-in and issued capital by EGP 50 million to EGP 100 million distributed over 25 million shares at a par value of EGP2 each.
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.
