Cairo – Mubasher: Cairo Educational Services was cleared by shareholders, in an extraordinary general meeting, to raise issued capital through bonus share distribution, the company said in a bourse filing Thursday.

The company was earlier approved by the Egyptian Exchange to proceed with raising capital by EGP 24 million to EGP 48 million through the distribution of 12 million bonus shares.

The educational services provider said the capital hike would go for building new schools.

The company previously posted EGP 7.9 million in net profit for 2014, compared with EGP 7.2 million a year earlier.