Cairo – Mubasher: Egyptian Chemical Industries’ (Kima) board of director has agreed to raise the company’s issued capital to EGP 4.46 billion from EGP 4.38 billion.

The board decided to raise capital by EGP 75.18 million distributed over 15.03 million shares at a nominal value of EGP 5 per share, equivalent to 0.017-for-1 basis shares, Kima said in a filing to the Egyptian Exchange (EGX).

The capital increase will be used to finance upgrading the factories to be gas-operated and will be funded by shareholders’ stake in fiscal year 2017/2018 profits, the company highlighted.

In June, the extraordinary general meeting (EGM) of Kima approved to raise the company’s issued and paid-up capital to EGP 4.3 billion from EGP 3.16 billion through subscriptions by old shareholders.

In September, the company announced the second phase of its capital increase shares were covered by 100.12% through 15.08 million shares.