GMC for Industrial Commercial & Financial Investments announced that its rights issue was covered by 57.49%.
Subscription rights were traded during the period Wednesday, September 24 till Sunday, October 26.
The Egyptian Financial Supervisory Authority (EFSA) had initially approved a request from the company to invite shareholders to subscribe to shares of increasing issued capital from EGP 34.999 million to EGP 104.999 million.
The company’s extraordinary general meeting had approved increasing issued and paid-in capital to EGP 104.999 million from EGP 34.999 million, through issuing 34.999 million shares at EGP 2 par value plus EGP0.05 issue costs each, to be fully paid by shareholders of record at two shares per each held share. The meeting also nodded to trading subscription right and amending articles of incorporation No. 6 and 7.
The company is currently capitalized at EGP 35 million, divided into 17.5 million shares at EGP 2 par value each.