Arab Finance: The Financial Regulatory Authority (FRA) of Korra Energi agreed to publish the capital-raise documents, increasing the issued and paid-up capital from EGP 450 million to EGP 855 million, according to a statement.
The company will raise its capital by EGP 405 million, distributed over 2.025 billion shares, at a nominal value of EGP 0.20 per share, in addition to issuance fees of EGP 0.5 per share.
The subscription period is set to run from October 18 through November 1, with the option to close the subscription early if the offering is fully subscribed. Only existing shareholders until the October 13 trading session have the right to subscribe to 0.90 share for 1 ordinary share.
On September 14, Korra Energi received the extraordinary general meeting’s (EGM) approval for the capital hike.
The EGM, at the time, also unanimously approved increasing the company’s authorized capital to EGP 4.25 billion from EGP 2.25 billion and amending Article 6 of its Articles of Association accordingly.
