Cairo – Mubasher: Orascom Development Egypt is looking to finance the company’s motivation and reward system with EGP 22.16 million.

The company will finance the capital increase in light of the extraordinary general meeting’s (EGM) decision of approving the motivation and reward systems last March, according to a filing to the Egyptian Exchange (EGX) on Monday.

In September, Orascom Development’s board of director 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 system.

The board approved an EGP 22.16 million capital increase by issuing 22.16 million shares at a nominal value of EGP 1 per share.

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.