ArabFinance: The Financial Regulatory Authority (FRA) approved in principle the publication of the invitation of Barbary Investment Group’s (BIG) major shareholders to subscribe to the company’s rights issue, according to a statement filed to the Egyptian Exchange (EGX).

The company’s issued capital will be increased to EGP 45.246 million from EGP 15.082 million.

The capital increase amounts to EGP 30.164 million distributed over 301.64 million shares at a nominal value of EGP 0.10 per share, in addition to issuance fees of EGP 0.25 per share.

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.