Arab Finance: MB for Engineering and Contracting’s (MBEN) extraordinary general meeting (EGM) has approved increasing the firm’s issued and paid-up capital via rights issue, according to a filing on September 4^th.

Thus, the capital will be raised to EGP 58 million from EGP 33 million by EGP 25 million via the issuance of 50 million shares at a nominal value of EGP 0.5 per share.

The firm posted previously a 1,071.46% hike in consolidated net profit after minority interest and tax during the first half (H1) of 2023.

Established in 1990, MB for Engineering operates within the capital goods sector, focusing on construction and engineering.

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