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Mohandes Insurance nods to raising capital to EGP 150M

Mohandes Insurance nods to raising capital to EGP 150M

ArabFinance: Mohandes Insurance Company’s (MOIN) ordinary and extra-ordinary general meetings (OGM) and (EGM) approved increasing issued capital by EGP 29 million, to reach EGP 150 million up from EGP 121 million, according to a bourse filing Thursday.

The capital hike will be financed from the company’s general reserves (EGP 28.8 million) and deferred profits (EGP 200,000). Capital increase shares will be distributed as bonus shares at 0.2397:1.

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