BIG okays capital increase by EGP 30M
Updated 12/28/2020 2:52:00 PM
ArabFinance: Barbary Investment Group (BIG) board of directors approved issued and paid-in capital increase in cash by EGP 29,835,926, according to the company’s December 28th statement filed to the Egyptian Exchange.
BIG will increase the capital from EGP 30,164,074 to EGP 60 million. The capital will be raised in cash or through the credit balances on December 31st, 2019.
Moreover, the board approved an authorized capital increase from EGP 100 million to EGP 150,820,000.
The company posted a consolidated net loss of EGP 3,396,118 in January-September 2020, compared to EGP 2,065,006 incurred in the prior-year period.
BIG is an Egypt-based holding company that provides automotive auto parts, products of the original equipment manufacturer, and aftermarket spare parts.
The company’s diversified portfolio includes establishing one-stop shops for automotive parts, strategic acquisitions of automotive brands, automotive dealerships, and manufacturing and assembly of related automotive factories.
