Arab Finance: The extraordinary general meeting (EGM) of Arab Developers Holding (ARAB) has approved raising the firm’s issued capital by EGP 70.216 million to EGP 772.386 million, according to a filing sent to the Egyptian Exchange on June 11th.
The increase will be distributed over 117.028 million shares at a nominal value of EGP 0.60 per share.
The issued capital will be increased via the distribution of 1-for-10 bonus shares financed from retained earnings of 2022.
Established in 2015, Arab Developers is a leading real estate developer in Egypt that has a diversified business portfolio.