Cairo – Mubasher: The Egyptian Financial Regulatory Authority (FRA) approved a request from MM Group for Industry and International Trade to publish the disclosure form to proceed with its capital increase procedures.
The disclosure form included the board of directors’ approval to raise the company’s issued and paid-up capital to EGP 479.53 million from EGP 383.62 million, according to a bourse statement on Wednesday.
The capital will be increased by EGP 95.9 million through the issuance of 0.25 bonus share valued at EGP 0.62 for every share held to be financed from 2019’s earnings.
It is noteworthy that during 2019, the company’s net profits surged by 69.4% to EGP 459 million from EGP 271 million in 2018.
