Cairo – Mubasher: The extraordinary general meeting (EGM) of Ferchem Misr for Fertilizers and Chemicals approved increasing the company’s capital by distributing 2.55 million bonus shares, or 17-for-100, totaling 5.1 million shares.

The top-up to EGP35.1 million will be financed by the current and retained earnings registered in 2015 financial statements, the company said in a bourse filing.

Earlier, General Authority For Investment and Free Zones said the company’s retained earnings, which currently stand at EGP1.73 million, are not up to cover the approved capital hike from EGP30 million to EGP33 million.