Arab Finance: Korra Energi has secured preliminary approval from the Financial Regulatory Authority (FRA) to invite existing shareholders to subscribe to the 4.02 million remaining shares from its capital increase, following a 99.8% subscription rate in the first round, as per a disclosure.

The FRA did not object to publishing the second-round subscription invitation under the same terms as the initial offering, with shares priced at a nominal value of EGP 0.20 each, plus issuance fees of EGP 0.5 per share.

The subscription forms part of Korra’s plan to raise its issued and paid-up capital from EGP 450 million to EGP 855 million by EGP 405 million through the issuance of 2.025 billion new shares.

The first subscription phase, held from October 18 to November 1, attracted subscriptions for approximately 2.021 billion shares, accounting for 99.8% of the rights issue. The remaining 4.02 million shares represent around 0.2% of the increase.

Only shareholders until October 13's trading session are entitled to subscribe in-cash to the remaining shares. Subscription will open on Sunday, November 15, and close on Tuesday, November 17.

If the remaining shares are not fully subscribed during this period, the company will proceed with the number of shares actually subscribed for. Subscriptions will be accepted through all branches of QNB Egypt,