ArabFinance: The Financial Regulatory Authority (FRA) has approved the publication of the invitation of Mena for Touristic and Real Estate Investment’s (MENA) major shareholders to subscribe to the company’s rights issue, according to a statement filed to the Egyptian Exchange (EGX).

The first phase of the rights issue has been oversubscribed at a coverage ratio of 43.28% on 64.924 million shares.

The remaining shares to be offered for subscription under the second phase of the rights issue amounts to 85.075 million shares.

The company’s issued capital will be increased to EGP 300 million from EGP 150 million.

The capital increase amounts to EGP 150 million distributed over 150 million shares at a nominal value of EGP 1 per share, in addition to issuance fees of EGP 2 per share.

Mena, established in 1980, operates in the fields of construction, real estate investment, project management, and urban development both locally and internationally.