ArabFinance: The Financial Regulatory Authority (FRA) approved increasing Acrow Misr’s (ACRO) issued and paid up capital by EGP 220 million, to reach EGP 550 million up from EGP 330 million, according to a bourse filing Thursday.

The capital hike will be through subscribing 22 million shares at EGP 10 per share, to be financed from the deferred profits and those in the financial statements of the year ended on December 31, 2018.

The company will distribute bonus shares at 2:3, while approximating fractions for minor shareholders.

Moreover, FRA also mandated raising the authorized capital from EGP 500 million to EGP 1 billion.