Arab Engineering Industries’ board nods to capital increase
Updated 2/6/2022 12:15:33 PM
ArabFinance: Arab Engineering Industries (EEII) announced that its board of directors has approved raising the issued and paid-up capital, according to a statement filed to the Egyptian Exchange (EGX).
The issued and paid-up capital is set to be increased to EGP 83.29 million from EGP 62.46 million.
The capital increase amounts to EGP 20.82 million distributed over 55.52 million shares at a nominal value of EGP 0.375 per share through the distribution of 1/3-for-1 bonus shares.
Moreover, the capital increase will be financed from the company’s profits and retained earnings of the financial statements ended December 31st 2021.
Arab Engineering Industries is an Egypt-based company engaged in the manufacture of wired condensers for household refrigerators, as well as steel wires.
