Cairo – Mubasher: The Financial Regulatory Authority (FRA) on Sunday announced that Naeem Holding has submitted documents to raise its issued capital to $264.49 million from $240.45 million through the distribution of bonus shares.
The company, listed on both the Egyptian Exchange (EGX) and the Dubai Financial Market (DFM), will finance a $24 million capital increase from 2018 financial statements’ reserves by distributing 1-for-10 basis bonus shares, the FRA highlighted in a statement to the EGX.
The FRA is currently reviewing the attached documents, according to the statement.
Last week, the dual-listed firm’s board of director had approved to boost the company’s issued and paid-up capital to $264.49 million.
In March, Naeem Holding reported $294,400 in profits during the full-year ended 31 December 2018, versus a net profit of $1.2 million in 2017, including minority shareholders’ rights.
