Cairo – Mubasher: Egyptian Financial and Industrial (EFIC) approved its issued capital hike procedures to EGP 727.67 million through 1-for-20 bonus shares distribution, according to a bourse filing on Tuesday.
The board of directors ratified the offer submitted by Banque Misr-Pharos to start the re-assessment and share flotation of its 99.8%-owned subsidiary’s capital, Suez Company for Fertilizer Production.
Earlier, the company approved doubling its 99.8%-owned subsidiary's capital to EGP 600 million from EGP 300 million.
EFIC further announce its plan to hike its subsidiary’s capital through either floating a 40% stake on Cairo bourse or adding another EGP 300 million via a key investor.
