ArabFinance: The Financial Regulatory Authority (FRA) gave the green light for Egyptians for Investment and Urban Development to increase its issued capital by EGP 10 million, according to a January 11th disclosure.
The volume will be distributed on 10 million shares at a par value of EGP 1 each. This will be carried out as one share for each four original stocks.
The capital will become EGP 50 million after the hike, which will be financed from the retained earnings as in December 31st 2019 income statement.
The company’s shareholders have agreed on raising the capital during their December 22nd ordinary general meeting.