Mubasher TV
Contact Us Advertising   العربية

Elsaeed Contracting’s OGM approves EGP 69.3m capital hike

Elsaeed Contracting’s OGM approves EGP 69.3m capital hike
The capital increase will be implemented through the issuance of 692.65m bonus shares
Elsaeed Contracting
UEGC
-0.39% 0.77 -0.00

Cairo – Mubasher: Elsaeed Contracting and Real Estate Investment Company (SCCD) on Sunday announced that the ordinary general meeting (OGM) has approved to raise the company’s issued and paid-up capital to EGP 761.92 million from EGP 692.65 million.

The capital increase will be implemented through the issuance of 692.65 million bonus shares or 1-for-10 basis bonus shares financed by annual and retained profits, the company added in a statement to the Egyptian Exchange (EGX).

Moreover, the OGM has endorsed the amendment of articles 6 and 7 of the company’s articles of association, according to the statement.

The OGM has also approved the company’s financial statements and the audit’s and board’s reports for the fiscal year ended 31 December 2018, the statement indicated.

In March, the Financial Regulatory Authority (FRA) had approved a capital increase of EGP 69.26 million for Elsaeed Contracting.

The real estate company last posted a net profit of EGP 57.04 million for the full-year 2018, versus EGP 45.99 million a year ago.