Cairo – Mubasher: Orascom Development Egypt’s board of director has agreed to raise the company’s issued capital to EGP 1.13 billion from EGP 1.108 billion to finance the company’s motivation and reward systems.

The board approved an EGP 22.16 million capital increase through issuing 22.16 million shares at a nominal value of EGP 1 per share, Orascom said in a filing to the Egyptian Exchange (EGX).

The board decided to assign the company’s chairman to begin the amendment procedures and invite the extraordinary general meeting (EGM) to consider the capital hike and amend articles 6 and 7 of the company’s articles of associations.

Orascom Development previously reported a 4.7% year-on-year increase in consolidated profits for the first half of 2018, recording EGP 184.61 million from EGP 176.29 million.

Revenues grew to EGP 873.8 million in the six-month period ended June, compared to EGP 599.87 million in H1-17.