Misr Chemical Industries (MCIH) announced that the second of phase of its right issue has been subscribed by around 16.19 times said a bourse statement.

The right issue's second phase allocation ratio hit 6.17% for 471.206 shares, remained from the first phase, at par value EGP4 each.

Earlier, Misr Chemical announced that its rights issue to raise issued capital was subscribed by 96.86% in the first phase.

The company had decided to raise issued capital from EGP 200 million to EGP260 million through issuing 15 million shares at EGP4 par value plus EGP 0.05 issue costs each.

The chemical manufacturer had posted EGP 14.7 million net profit for the six-month period that ended on December 31, 2014, a decline by 39.5% year-over-year.