Cairo – Mubasher: The board of directors of Nozha International Hospital recommended increasing the company’s issued and paid-up capital by EGP 16.875 million or 25% to EGP 84.375 million from EGP 67.5 million.
The board proposed distributing one bonus share for every four shares held, totalling 2.812 million shares at a nominal value of EGP 6 per share, the company said in a statement to the Egyptian Exchange (EGX) on Thursday.
The capital increase will be financed from retained earnings valued at EGP 76.955 million as of financial results for fiscal year ended 31 December 2019.
The company will use the capital increase to purchase a land plot for EGP 36.34 million to build a new hospital, resume expansion in the hospital premises, buy new medical equipment, and finance part of the company’s financial needs.
It is noteworthy that for the full-year 2019, Nozha International Hospital reported net profits of EGP 60.5 million, compared to EGP 43.13 million in 2018.
