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Mohandes Insurance board oks EGP 235 capital increase

Mohandes Insurance board oks EGP 235 capital increase

ArabFinance: The board of directors of Mohandes Insurance (MOIN) approved increasing the company’s issued capital to EGP 235 million instead of EGP 187.5 million, according to the company’s filing to the Egyptian Exchange on March 1st.

The new capital, which will be financed from the company’s 2020 profit, is set to be divided into 19 million shares at a nominal value of EGP 2.5 per share.

The company’s consolidated net profit stood at EGP 69.43 million in January-December 2020.

The Egypt-based public shareholding company offers life and non-life insurance, and reinsurance products and services. Its products and services portfolio fall into two main insurance segments, namely individual insurance and property insurance.

 

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