Mansour El Barbary, Chairman of BIG Trade and Investment announced that the company’s rights issue to raise issued capital from EGP 10 million to EGP 40 million has been successfully completed.
The company said earlier that the second phase of its rights issue was oversubscribed by 400%.
A total of 6.754 million shares were subscribed in the second phase, totaling EGP 6.754 million, compared with offered 1.458 million shares worth EGP 1.458 million.
The Egyptian Financial Supervisory Authority (EFSA) had announced it initially approved a request from the company to invite shareholders to subscribe to the remaining 16.5 million secondary shares at EGP 1 par value each.
The company had announced that its rights issue was covered by 89.4% in phase one, with a total of 13.409 million shares, out of 15 million offered shares, subscribed, said an official source at CIB.
According to the source, the company’s capital increase by EGP 30 million to EGP 40 million will be partially financed from accounts payable by EGP 15 million, while the remaining EGP 15 million will be injected by original shareholders
The company had posted EGP 181.9 thousand net profit in FY13, with 15% growth year-over-year from EGP 158 thousand.