The Egyptian Financial Supervisory Authority (EFSA) has approved a request from El Obour Real Estate Investment to invite shareholders to subscribe to a rights issue aimed at increasing the company’s issued capital.

A total of 4.4 million shares worth EGP 22 million will be issued at EGP 5 par value plus 12.5 piasters each.

Subscription rights will be traded separately.

Shareholders of record till the close of trading on December 28 will be entitled to subscribe to the rights issue.

The company’s extraordinary general meeting had approved in September increasing issued capital by 100%, or EGP 22 million, divided into 4.4 million shares at EGP 5 par value plus EGP 0.125 issue premium each.