Cairo - Mubasher: The Egyptian Exchange (EGX) said that Giza General Contracting and Real Estate Investment Company (GGCC) has filed requests to raise its issued and paid capital from EGP 165.3 million to EGP 206.69 million.

The capital hike will be through the issue of bonus shares, the EGX said in a statement on Wednsday.

The company’s capital totals EGP 165.35 million distributed over 165.35 million at a par value of EGP 1 per share.

GGCC reported a rise in profits by 8.9% in 2016 to EGP 57.2 million last year, compared to EGP 52.5 in the year before.

The company’s board of directors (BOD) had previously recommended the distribution of bonus shares at 25%, a decision that was attributed to the growth and expansion stage currently experienced by the company.