Arab Finance: Electro Cable Egypt has approved raising its authorized capital to EGP 3 billion from EGP 850 million and increasing its issued and paid-up capital to EGP 1.31 billion from EGP 662.71 million, according to a disclosure filed with the Egyptian Exchange (EGX).

The EGP 650 million increase in issued and paid-up capital will be distributed across 3.25 billion shares at a par value of EGP 0.20 per share.

The increase will be financed through a cash subscription offered to existing shareholders.

Established in 1954, the company operates in the electric components manufacturing sector. The company produces both power cables and telecommunication cables for local markets and for export as well. In the early Sixties, the company was nationalized and became a public sector entity. In 1997, Electro Cable Egypt witnessed the privatization of the company when a distinguished group of strategic investors decided to buy out the majority of shares held by the Holding Company in October 1997.