Cairo – Mubasher: Egypt’s Financial Regulatory Authority (FRA) on Thursday approved the disclosure report of Acrow Misr for Scaffolding and Formwork’s (ACRO) regarding the increase of the company’s authorised and issued capital, according to a bourse statement.

ACRO’s board of directors proposed the increase of the company’s authorised capital to EGP 1 billion from EGP 500 million.

The board also recommended 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.

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.