FRA nods to capital increase for Delta Insurance
Updated 12/2/2021 12:42:57 PM
ArabFinance: The Financial Regulatory Authority (FRA) approved to publish the disclosure on the decisions made by Delta Insurance’s (DEIN) board of directors regarding the company’s capital increase, according to a statement filed to the Egyptian Exchange (EGX).
The board previously agreed on raising the company’s issued and paid-up capital to EGP 350 million from EGP 126 million.
The capital increase amounts to EGP 224 million distributed over 56 million shares, representing 177.77% of total issued capital shares and bonus shares’ payment.
The company will finance the capital increase from its retained earning of EGP 163.68 million as per the financial statement for the fiscal year (FY) ended June 20th, 2021, as well as from a reserve of EGP 45.81 million, in addition to other financing sources.
It is worth noting that Delta Insurance previously reported a consolidated net profit before minority interest of EGP 232.14 million for fiscal year (FY) 2020/2021, compared to a profit of EGP 180.05 million in FY 2019/2020.
Delta Insurance is engaged in the provision of life and non-life insurance and reinsurance services.
The company offers its services through two main segments: Corporate Solution Plans, and Individual Protection Plans, and Aman El Safar Plan.
