Cairo – Mubasher: The ordinary general meeting (OGM) of MB for Engineering approved raising capital by 10% to EGP11 million from EGP10 million.

This increase will be distributed across 2 million shares at a par value of EGP0.5 and a fair value of EGP 5.95 a share.

The hike will be limited to existing shareholders through offering part of their shares for sale on the Egyptian Exchange.

The ordinary meeting also agreed on freezing 95% of shares held by shareholders of record till the date of the extraordinary general meeting for 6 months.

Earlier, EGX allowed the company to offer 27.6% of its shares on Cairo bourse at EGP5.95 each, totaling EGP32.8 million