Cairo – Mubasher: The Egyptian Financial and Industrial company (EFIC) approved doubling its 99.8%-owned subsidiary’s capital, Suez Company for Fertilizer Production, to EGP 600 million from EGP 300 million, according to a bourse filing.
Following a reassessment of capital, EFIC plans to hike its subsidiary’s capital through floating a 40% stake on Cairo bourse or through adding another EGP 300 million via a key investor.
EFIC standalone profits increased 97% in the first quarter of 2016.
The company’s stock quote rose 7.1% to EGP 70.07 by 11:04am Cairo time.
