Cairo – Mubasher: The Egyptian stock Exchange (EGX) approved Elsaeed Contracting and Real Estate Investment’s request to raise its capital to EGP 665.34 million from EGP 566.25 million.
The capital increase will be effected through a bonus share distribution, at 1.75:10, according to a bourse filing on Wednesday.
Total capital raise of EGP 99 million, at EGP 1 per share, to be financed from the profits and reserves.
The company stated that it will direct EGP 40 million of the proceeds of the capital increase to equipment purchase for projects implementation, adding to buying a piece of land at a value of EGP 50 million, for expansion in real estate investment.
