The board of El Obour Real Estate Investment approved on Saturday increasing the company’s issued and paid-in capital to EGP 44 million from EGP 22 million.
The EGP 22 million increase will be divided into 4.4 million shares, which will be subscribed at one share per each held share.
The rights issue will be effected at par value of EGP 5 plus EGP 0.125 issue costs per share.
The company is capitalized at EGP 22 million, divided into 4.4 million shares at EGP 5 par value each.
The board chairman was mandated to invite shareholders to attend an extraordinary general meeting.
The company had logged EGP 664 thousand net loss in Q1-14, against EGP 536 thousand net profit in the corresponding period a year earlier.