Arab Finance: The Egyptian Chemical Industries’ (KIMA) board has approved a proposal to increase the issued and paid-up capital from EGP 5.933 billion to EGP 9.933 billion, as per a disclosure on January 30th.
Accordingly, the capital will be raised by EGP 4 billion distributed over 800 million shares at a nominal value of EGP 5 per share.
The board also agreed upon the proposal of raising the authorized capital to EGP 12 billion from EGP 8 billion.
KIMA is an Egypt-based chemical producer, founded in 1956 to produce nitrogenous manure for the Southern Valley by using the elector-hydraulic power generated by the Aswan Dam.