Cairo – Mubasher: The extraordinary general meeting (EGM) of El Nasr Clothing and Textiles (KABO) has agreed to boost issued capital to EGP 507.38 million from EGP 407.3 million

The EGM has approved a capital raise of EGP 100 million through subscriptions of old shareholders to the capital hike shares by 0.24 share each, the company said in a filing to the Egyptian Exchange (EGX) on Wednesday.

Subscriptions will be issued on one phase at 2.5 piasters, or EGP 0.25, per share, according to the filing.

The right to subscribe in the capital increase shares will be conducted separately from the other shares during the subscription period, KABO indicated.

The EGM also decided to amend articles 6 and 7 of the company’s articles of association.

KABO had previously reported a consolidated profit of EGP 14.6 million during the six months ended December 2017, compared to EGP 21.9 million in profits for the same period a year earlier.

The company’s current capital amounts to EGP 407.3 million now, distributed over 407.3 million shares at a par value of EGP 1 per share.