Cairo – Mubasher: First Investment and Real Estate Development is considering an increase in issued and paid-in capital to EGP 25 million, from EGP 5 million during the third quarter of 2015, the company said in a bourse filing Wednesday.

Shareholders will be invited to subscribe to the company’s rights issue at par value, the company added.

Subscription rights will also be traded, after obtaining the approvals of the company’s extraordinary general meeting as well as those of regulatory authorities.

The capital increase will go for financing the company’s investment in El Ezz Towers in Assiut city, which will be raised from 10% to 25% of the project’s total value.

The company’s authorised capital will also be raised to EGP 50 million, from EGP 10 million.