The listing committee of the Egyptian Exchange (EGX) approved on Wednesday a request from International Company for Leasing (Incolease) to proceed with increasing its issued capital by EGP 140 million, or 14 million shares.
The company will launch a rights issue to raise capital from EGP 200 million to EGP 340 million.
Incolease had posted a fall by 6.5% in net profit for the first nine months of FY14 to EGP 46.1 million, compared with EGP 49.3 million reported in the same period a year earlier.
The company had posted EGP 32.2 million net profit in H1-14, with 2% growth compared with EGP 31.6 million in the same period a year earlier.
Photo Credit: Arabianeye-Reuters