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Mohandes Insurance shareholders ratify capital hike

Mohandes Insurance shareholders ratify capital hike

ArabFinance: Mohandes Insurance’s (MOIN) ordinary general assembly approved utilizing EGP 47.5 million from the retained profit to increase issued and paid-in capital, according to the company’s statement filed to the Egyptian Exchange.

The insurance company will increase the capital to EGP 235 million from EGP 187 million. The capital will be increase by issuing 19 million shares at a par value of EGP 2.50 per each.

The extraordinary general assembly approved approve capital hike by distributing 0.253333 free share for everyone held.

The company’s consolidated net profit stood at EGP 69.43 million in 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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