Arab Finance: The shareholders of Orascom Development Egypt approved increasing the issued capital by EGP 2.519 billion, allocated from the retained earnings account for the year ended on December 31st, 2025, according to a bourse filing.
The transaction will be implemented through the issuance of 2.519 billion shares and the distribution of 2.22 bonus shares at a nominal value of EGP 1 per share.
The shareholders greenlighted the capital increase during the ordinary general meeting (OGM) on June 8th.
Orascom Development Egypt generated consolidated net profits after tax attributable to the parent company of EGP 1.724 billion during the first quarter (Q1) of this year, down 15.67% year on year (YoY) from EGP 2.044 billion.