Cairo – Mubasher: Acrow Misr for Scaffolding and Formwork’s (ACRO) board of director has proposed the distribution of a 2-for-3 basis bonus shares for fiscal year 2018.

This recommendation was made in order to raise the company’s issued and paid-up capital, ACRO said in a statement to the Egyptian Exchange (EGX) on Sunday.

The board has also approved to raise the authorised capital to EGP 1 billion from EGP 500 million, according to the statement.

Moreover, the board has nodded to a capital increase of EGP 220.21 million over 22.02 million shares to boost the company’s issued and paid-up capital to EGP 550.54 million from EGP 330.32 million, the company added.

Earlier this day, ACRO posted a 29.4% year-on-year increase in net profits for 2018, recording EGP 190.48 million, versus EGP 147.15 million in 2017.

The company has logged around EGP 1.15 billion in revenues last year.

Meanwhile, standalone profits reached EGP 178 million in 2018, versus EGP 130.35 million a year earlier.