Cairo – Mubasher: Egyptians Abroad for Investment and Development announced that its board of directors had approved increasing the company’s authorised, issued, and paid-up capital.
The board decided to raise the issued and paid-up capital by EGP 124.4 million distributed over 49.76 million shares at a nominal value of EGP 2.5 per share, along with issuance fees of EGP 0.05 a share, according to a statement to the Egyptian Exchange (EGX) on Sunday.
The issued and paid-up capital will be increased to EGP 260 million from EGP 124.4 million, the statement noted.
In addition, the board also approved raising the company’s authorised capital to EGP 1 billion from EGP 750 million.
The capital hike still awaits the approval of the company’s extraordinary general meeting (EGM).
During the first quarter of 2019, the Egyptian firm logged a net profit of about EGP 500,360, compared to EGP 2.24 million in the year-ago period.
Year-on-year, revenues retreated to EGP 3.53 million in the three-month period ended 31 March from EGP 8.29 million.
As for standalone business, the company’s net profits stood at about EGP 93,410 in Q1-19, compared to EGP 1.3 million in Q1-18.
