Cairo – Mubasher: The Financial Regulatory Authority (FRA) approved for Zahraa Maadi Investment and Development to raise its authorisied capital by EGP 4 billion from EGP 1 billion.

The listed company aims to increase the authorised capital to EGP 5 billion in order to accommodate any issued capital raise decisions in the future, according to an official statement.

The FRA also approved increasing the issued capital of Zahraa Maadi by EGP 472 million to reach EGP 1 billion from EGP 528 million.

Increasing the issued capital will be carried out through bonus shares amounting to 472 million shares at a par value of EGP 1 per share. The company aims to utilise the new capital in development projects in the pipeline.

In 2023, Zahraa Maadi posted net profits after tax worth EGP 324.23 million as well as sales of EGP 723.62 million.