Cairo – Mubasher: Cairo Development and Investment said its rights issue was covered by 78.79% in the first phase, according to a bourse filing.

Out of 25 million shares, 19.7 ones worth EGP 40.18 million were subscribed in the first phase, while 5.3 million shares are still uncovered.

Earlier, the extraordinary general meeting approved increasing its paid-in and issued capital by EGP 50 million to EGP 100 million distributed over 25 million shares at a par value of EGP2 each.

In 20156, the company’s net profits after tax moved down to EGP1.9 million ($213,000) from EGP21.7 million ($2.4 million) last year.