Cairo – Mubasher: Misr Cement – Qena’s ordinary general meeting (OGM) on Tuesday has approved an issued capital increase to EGP 600 million from EGP 301.23 million, according to a bourse filing.

The firm stated that the capital increase will be allocated in favour of the senior shareholders and granting them the initial public offering (IPO) rights separately from the original stock.

The board approved the authorisation of the chairman to set the opening and closing dates of the IPO or extending the original period in case of non-subscription, Misr Cement added.

The board had previously approved an IPO to increase capital for senior shareholders to EGP 301.2 million, traded through 30.12 shares at a nominal value of EGP 10 with IPO priority rights.

Misr Cement’s capital reached EGP 298.7 million distributed over 29.8 million shares.

By 11:57 am Cairo time, Misr Cement’s stock rose 2.84% to EGP 130.