Cairo – Mubasher: El Nasr Clothing and Textiles (KABO) said its board of directors approved raising its capital by EGP 310 million.

The company’s issued capital will increase from EGP 338.6 million to EGP 468.6 million, through a right issue for existing shareholders at a rate of 0.38 to 1.

KABO is currently capitalized at EGP 338.6 million distributed across 338.6 million shares at EGP 1 par value each.

KABO posted earlier EGP 6.21 million in losses for the first quarter of the fiscal year 2016 – 2017.