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FRA approves capital increase for Vertika for Industry

FRA approves capital increase for Vertika for Industry

ArabFinance: The Financial Regulatory Authority (FRA) approved to publish the disclosure regarding the decision of Vertika for Industry and Trade's (VERT) board of directors on the company’s capital increase and the amendment of Articles 6 and 7 of Articles of Association, according to a statement filed to the Egyptian Exchange (EGX).

The board previously approved to raise the company’s issued capital to EGP 3.058 million from EGP 2.353 million.

The issued capital increase amounts to EGP 705,900 distributed over 705,900 shares at a par value of EGP 1 per share to be financed from retained earnings as per the financial statement for the year ended December 30th, 2020, equivalent to 0.30-to-1 bonus share.

Founded in 2005 and listed on EGX in 2013, Vertika offers information technology and business consulting services, while developing and distributing software and applications.

The company also provides telecommunication infrastructure development and internet education services.

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