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Orascom Development OKs EGP 22.16m capital hike

Orascom Development OKs EGP 22.16m capital hike
The general assembly also agreed to finance the capital increase to fund the company’s motivation and reward system
Orascom Development Egypt
ORHD
-6.53% 11.03 -0.77

Cairo – Mubasher: Orascom Development Egypt on Sunday said that its extraordinary general meeting (EGM) had agreed to raise the company’s issued and paid-up capital to EGP 1.13 billion from EGP 1.10 billion.

The EGM approved an EGP 22.16 million capital increase to be distributed over 22.166 million shares at a par value of EGP 1 per share, the company said in a filing to the Egyptian Exchange (EGX).

The general assembly also agreed to finance the capital increase to fund the company’s motivation and reward system in light of the decision of the EGM held in March.

In March, Orascom’s EGM endorsed applying the motivation and reward system through selling shares with the nominal value.