Cairo – Mubasher: The extraordinary general meeting (EGM) of Naeem Holding has approved to raise issued capital to $240.4 million from $218.5 million through distributing bonus shares.

The EGM has also agreed on the distribution of bonus shares at 1-for-10 basis ratio, the company said in a filing to the Egyptian Exchange (EGX) on Monday.

The EGM also approved adjusting Article 6 and 7 of the company’s main system, the Egyptian investment bank noted.

Naeem Holding’s capital amounts to $218.5 million distributed over 312.2 million shares at a par value of $0.7.