Cairo – Mubasher: Misr Cement – Qena on Thursday announced that the first phase of its capital top-up has reached 95.4% subscription.

Investors subscribed in 28.7 million shares of the 30.12 million up for auction as part of the capital increase, the company said in a filing to the Egyptian Exchange (EGX).

Misr Cement – Qena further added that it will not extend the subscription period of its capital hike and will suffice with subscriptions so far.

In October, the Financial Regulatory Authority (FRA) approved the Egyptian cement firm’s request to raise its issued capital by EGP 301.22 million, bringing the company’s total issued capital to EGP 600 million at par value EGP 10 per share.

Misr Cement – Qena last reported EGP 1.88 billion in sales in the nine-month period from January to September, down from EGP 2 billion in sales in the prior-year period.