FRA approves in principle capital hike for MB Engineering

Updated 10/17/2023 9:44:00 AM
FRA approves in principle capital hike for MB Engineering

Arab Finance: The Financial Regulatory Authority (FRA) has approved in principle for MB for Engineering and Contracting (MBEN) to invite senior shareholders to subscribe to the company’s rights issue, according to a statement on October 17th.

Through the rights issue, the company aims to increase its issued and paid-up capital by EGP 25 million via the issuance of 50 million shares at a nominal value of EGP 0.5 per share.

Accordingly, the capital will be raised to EGP 58 million from EGP 33 million.

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

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