The Egyptian Stock Exchange (EGX) gave a nod to Giza General Contracting and Real Estate Investment to proceed on the process of its capital increase.

The company seeks to raise its issued capital from EGP 88.2 million to EGP 110.24 million.

The 22 million capital increase will be effected through the distribution of bonus shares at 1 share for each 4 shares, at EGP 1 par value each, and will be financed from 2014 earnings.

Giza General Contracting reported net profits of EGP 40.1 million for 2014, compared with EGP 27 million for 2013.