Cairo – Mubasher: Egyptian Chemical Industries (Kima) on Tuesday said that the first phase of its capital increase shares covered by 93.85%.

The remaining 15.06 million shares will be offered in the second phase after obtaining the approval of the Financial Supervisory Authority (FSA), according to a statement to the Egyptian Exchange (EGX).

In June, Kima’s extraordinary general meeting (EGM) approved to increase issued and paid capital to EGP 4.3 billion, from EGP 3.16 billion.

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.

During the nine-month period ended in March, Kima’s profit tumbled 58.6% year-on-year to EGP 97.3 million, from EGP 235 million.