Cairo – Mubasher: The extraordinary general meeting (EGM) of Egyptian Chemical Industries (Kima) has agreed to raise the company’s issued and paid-up capital to EGP 4.3 billion from EGP 3.16 billion through subscriptions by old shareholders.

The EGM has approved an EGP 1.2 billion capital increase to be distributed over 245 million shares at a par value of EGP 5 per share, the company added in a filing to the Egyptian Exchange (EGX) on Monday.

The EGM also decided to amend the licensed capital of the budget scheme for fiscal year 2018/2019 to EGP 4.38 billion from EGP 4.29 billion to be consistent with the required increase.

Kima’s capital before increase amounts to EGP 3.16 billion distributed over 632.95 million shares at a par value of EGP 5 per share.