FRA approves in principle capital increase for International for Investment
Updated 1/16/2024 9:45:00 AM
Arab Finance: The Financial Regulatory Authority (FRA) has approved in principle for International Company for Investment and Development (ICID) to invite senior shareholders to subscribe to the company’s rights issue, according to a statement January 16th.
Through the rights issue, the company aims to increase its issued capital by EGP 46 million via the issuance of 46 million shares at a nominal value of EGP 1 per share.
Accordingly, the capital will be raised to EGP 100 million from EGP 45 million.
ICID is an Egypt-based company engaged in investment activities in different business sectors. It invests in the real estate and housing sector, contracting projects, reclamation of desert lands, financial leasing, and other investments within new and existing companies. It also invests in livestock and poultry production, animal feeds manufacturing, and agricultural land utilization and reclamation.
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