ArabFinance: The Commercial International Bank Egypt (CIB) (COMI) has informed the Financial Regulatory authority (FRA) that the rights issue of El Obour Company for Real Estate Investment’s (OBRI) was oversubscribed at a coverage ratio of 90.49%, CIB announced in a statement filed to the Egyptian Exchange (EGX).
Nearly 10.63 million shares out of 11.75 million shares were oversubscribed at a total value of EGP 54.43 million, at a nominal value of EGP 5 per share, in addition to, issuance expenses of EGP 0.12 per share.
The company’s issued capital is set to increase to EGP 88.142 million from EGP 29.38 million.
The capital increase amounts to EGP 58.76 million distributed over 11.75 million shares at a par value of EGP 5 per share.
Established in 1994, El Ebour operates within the real estate sector, focusing on diversified real estate activities.