Cairo – Mubasher: Industrial Engineering Company for Construction and Development Company (ICON) said Tuesday that it has submitted its capital increase documents to the Egyptian Exchange (EGX).
The company plans to increase its issued and paid-up capital from EGP 142.5 million to EGP 249.4 million, according to a bourse filing.
The raise value is EGP 106.9 million distributed across 26.7 million shares with a nominal value of EGP 4, and will be financed from profits of fiscal year 2016.
ICON also plans to increase its authorised capital from EGP 150 million to EGP 500 million.
The company’s stock rose on Monday by 7.96% to EGP 9.76.
