Cairo – Mubasher: The Financial Regulatory Authority (FRA) has approved a capital increase of EGP 69.26 million for Elsaeed Contracting and Real Estate Investment Company (SCCD) to be implemented through the distribution of 69.26 million shares or 1-for-10 basis bonus shares.
Upon the approval, Elsaeed Contracting’s issued capital will be raised to EGP 761.9 million from EGP 692.65 million, the FRA highlighted in a statement to the Egyptian Exchange (EGX).
The capital increase will be financed by annual profits, retained profits, and the company’s legal reserve of the fiscal year ended December 2018.
The company’s board previously proposed the distribution of 1-for-10 basis bonus shares.
Elsaeed Contracting last posted a net profit of EGP 57.04 million for 2018, versus EGP 45.99 million in 2017.
