Cairo – Mubasher: MB for Engineering and Contracting said its ordinary general meeting approved raising its issued capital by EGP 22 million, distributed across 44 million shares at par value EGP 0.5 each.

The capital hike will be effected through distributing bonus shares at 2 to 1.

The capital increase will be financed through each of; the deferred earnings  that amount to EGP 12.35 million, the legal reserves with amount of EGP 5.5 million and the remaining amount of EGP 4.14 million will be financed through the special reserves.

The company saw net profits EGP 5.02 million in the first half of 2016, up from EGP 3.6 million for the same period a year earlier.