Cairo – Mubasher: Maridive & Oil Services approved capital top-up for two subsidiaries, Valentine Maritime and Ocean Marine FZC – Sharjah, by $6 million each, said the company in a bourse statement on Monday.
The top-up will be carried up through rights issue in its 75%-owned Valentine Maritime and 67.2%-owned Ocean Marine, amounting to $4.5 million and $4.03 million, correspondingly.
The company plans to increase its subsidiaries’ capital for improving the financial structure in return for credit facilities, the statement indicated.
Maridive is capitalized at $163.8 million, divided into 409.6 million shares at $0.04 each.
According to Q3-16 results, the company earned $2.46 million, while its stock quote steadied at $0.26 on Monday.
