The ordinary general meeting of Egyptian Chemical Industries (KIMA) approved yesterday the estimated budget for FY14/15, with EGP 75.7 million targeted net profit. The Egyptian Financial Supervisory Authority (EFSA) has recently approved a request from the company to invite shareholders to subscribe to a rights issue to raise capital by EGP 450 million to EGP 1.890 billion from EGP 1.440 billion, through issuing 90 million shares at EGP 5 par value plus EGP 0.05 issue costs each.

Shareholders of record till the close of trading on Sunday, March 30 will be entitled to subscribe to the secondary offering that will begin on April 2 for one month until May 4.