Cairo – Mubasher: The extraordinary general meeting (EGM) of Obour Land for Food Industries had agreed to raise the company’s issued capital to EGP 400 million from EGP 200 million by distributing bonus shares.

The EGM has approved a capital increase of EGP 200 million distributed over 200 million shares at a par value of EGP 1 per share through distributing 1-for-1 basis bonus shares, the company added in a filing to the Egyptian Exchange (EGX).

Obour Land last reported a 19.1% year-on-year increase in consolidated profits for the first half of 2018.

Net amounted to EGP 114.37 million in the six-month period ended June, up from EGP 95.99 million in the year-ago period, the company said in a filing to the Egyptian Exchange (EGX).