Cairo – Mubasher: Zahraa Maadi Investment and Development’s board of directors approved to increase the company’s issued and paid-up capital from EGP 55 million to EGP 66 million via bonus shares.
The capital will be raised by EGP 11 million distributed across 11 million shares, and will be financed from the retained earnings of fiscal year 2016.
Furthermore, the board agreed to increase its authorised capital from EGP 75 million to EGP 300 million, according to a bourse filing released on Monday.
The stock declined by 1.6% to EGP 21.48 on Sunday.
