Cairo – Mubasher: Heliopolis Company for Housing and Development (HHD) will increase its issued capital by EGP 222.51 million to reach EGP 333.771 million from EGP 111.257 million.
The raise will be fully financed from the retained earnings shown in the company’s financials for the period ended 30 June 2019, according to a bourse statement on Tuesday.
The capital hike, moreover, will be distributed among the company’s shareholders through 890.5 million bonus shares as per the decision of the company's ordinary general meeting (OGM) and extraordinary general meeting (EGM) taken on 25 December 2019.
The real estate developer will distribute the said issue at the rate of two shares for every original share held before the raise to shareholders owning shares until the end of Wednesday, 26 February’s trading session. Distribution shall start as of Thursday, 27 February, and fractions will be rounded in favour of minority shareholders.
Furthermore, Misr for Central Clearing, Depository and Registry (MCDR) will carry out the distribution process following the approval of the listing committee for the capital raise.
It is worth pinpointing that in the six-month period ended 31 December 2019, the company reported net profits of EGP 351.34 million, compared to EGP 48.6 million in the year-ago period.
