Cairo – Mubasher: Mohandes Insurance on Monday announced that the company’s shareholders had approved raising its issued capital through public reserves and retained earnings during ordinary and extraordinary general meetings.

The insurance firm’s shareholders approved increasing the company’s capital to EGP 150 million from EGP 121 million, according to a statement to the Egyptian Exchange (EGX).

The capital raise will be financed using EGP 28.8 million of the company’s public reserves and about EGP 200,000 of retained earnings based on financial results for fiscal year ended 30 June 2018.

This increase will be distributed over 11.6 million bonus shares to shareholders at 0.24 share for every one share held.

For the full-year 2018, the Cairo-based insurer reported EGP 62.04 million in net profits, compared to EGP 47.03 million in the prior year.