Cairo – Mubasher: Sixth of October for Development and Investment (SODIC) on Wednesday announced that its board of directors has approved increasing the company’s capital by EGP 27.5 million for financing the company's motivation, reward system.
The company noted that the capital raise will be distributed into 6.8 million shares, with a share nominal value of EGP 4, according to a filing to the Egyptian Stock Exchange (EGX).
The new capital increase will be allocated for the second and third tranches of the motivation, reward system.
It is worth noting that SODIC’s capital amounts to EGP 1.36 billion distributed on 342.29 million shares.
For the first six months of 2018, SODIC’s profits recorded EGP 374.09 million, compared to EGP 341.5 million in the same period of the prior year.
By the end of Tuesday’s session, SODIC’s stock rose 0.49% at EGP 16.24.
