Cairo – Mubasher: The Financial Regulatory Authority (FRA) on Wednesday announced that it has approved Global Telecom Holding’s (GTH) proposal concerning raising its capital.
The company will raise its issued capital to EGP 13.9 billion instead of EGP 2.7 billion, according to a filing to the Egyptian Exchange (EGX).
The increase will be allocated to repay interest obligations in dollars on the existing company’s bonds.
Moreover, it will pay the dues of the main shareholder, in addition to financing future capital reserves, the statement said.
On 2 December, GTH’s board has approved an EGP 11.18 billion increase in issued capital through raising subscriptions for existing shareholders.
By 12:46 pm Egypt time, GTH’s stock declined 1.60% at EGP 3.07.
