Cairo – Mubasher: Sarwa Capital Holding for Financial Investments’ board of directors has approved a capital increase through the issuance of 28 million shares with nominal value financed by retained earnings.
The entire issued shares will be allocated for the reward and motivation system approved by the Financial Regulatory Authority (FRA) last February, Sarwa Capital said in a statement to the Egyptian Exchange (EGX) on Monday.
The board has decided to form a committee to supervise the reward and motivation system and amend Articles 6 and 7 of the company’s articles of association, according to the statement.
Sarwa Capital recently revealed it had obtained a licence from the FRA to begin the business of its insurance subsidiaries, namely Sarwa Insurance and Sarwa Life Insurance.
Last week, the Cairo-based firm reported a 51% profit hike during the full-year 2018, with EGP 283 million in net profit, from EGP 187 million in 2017.
Sarwa Capital’s funding portfolio grew 24% on an annual basis to EGP 6.2 billion in 2018.
In addition, the company’s return on equity (ROE) reached 30.4%, while return on assets registered 5% last year.
