The Egyptian Financial Supervisory Authority (EFSA) gave a nod for Qalaa Holdings to conduct Extraordinary general meeting to discuss increasing the company's issued and paid -in capital from EGP8 billion to EGP9.7 billion.  

Earlier, the company's board  has approved a share swap with subsidiary companies that equates to an EGP1.7 billion (USD223 million) capital increase.

 
The increase would involve exchanging shares in the holding company for larger stakes in subsidiary companies, mostly in the energy and cement sectors, and would bring the company's capital to EGP9.7 billion.

 
The move would be the firm’s third capital hike since it listed on the Egyptian bourse in 2010 and comes as the company considers a series of money-raising divestments as it seeks a return to profit.