Mubasher: Egyptian Chemical Industries (Kima) said the Wednesday that the board of directors agreed on hiking its issued capital to EGP 2.89 billion from EGP 2.03 billion, according to a bourse filing.

The top-up will be carried out through call existing shareholders to subscribe in 171.42 million shares worth EGP 5 each, totaling EGP 857.12 million, the bourse filing revealed.

The hike will be allocated for upgrading the company's natural gas-operating factories, according to the bourse statement.