The Egyptian Financial Supervisory Authority (EFSA) has initially approved a request from GMC for Industrial Commercial & Financial Investments to invite shareholders to subscribe to shares of increasing issued capital from EGP 34.999 million to EGP 104.999 million.
Shareholders of record till the close of trading on 21/09/2014 will be entitled to the rights issue that will run from September 24 till October 29.
The rights issue may be closed if fully subscribed. Shareholders will be able to trade subscription rights during the period September 24-October 26, 2014.
The company’s extraordinary general meeting had approved increasing issued and paid-in capital to EGP 104.999 million from EGP 34.999 million, through issuing 34.999 million shares at EGP 2 par value plus EGP0.05 issue costs each, to be fully paid by shareholders of record at two shares per each held share. The meeting also nodded to trading subscription right and amending articles of incorporation No. 6 and 7.
The company is currently capitalized at EGP 35 million, divided into 17.5 million shares at EGP 2 par value each.