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ALICO Oks issuing 1:5 bonus shares

ALICO Oks issuing 1:5 bonus shares

Arab Finance: Arab Real Estate Investment CO.-ALICO’s (RREI) board approved issuing bonus shares to increase the issued capital, the company said Wednesday in a statement sent to EGX.

The company will issue one bonus share for every five shares, for financing the retained earnings of the previous years

The proposed increase amounts to EGP 49.28 million, so that the issued and paid-up capital would reach 295.68 million, the firm added.

Moreover, the board will call for the ordinary general meeting (OGM) to consider amending article (6 and 7) from the firm’s bylaws.

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