Cairo – Mubasher: CI Capital Holding announced that its board of directors recommended raising the company’s issued and paid-up capital to EGP 800 million from EGP 544.18 million.

The Cairo-based diversified financial services group's board proposed raising the company’s capital by EGP 255.81 million distributed over 255.81 million shares at a nominal value of EGP 1 per share, according to a statement to the Egyptian Exchange (EGX) on Thursday.

The board also recommend distributing 0.47 bonus share for every share held, the statement added.

The capital hike still awaits the approval of the company’s ordinary general meeting (OGM).

During the first quarter of 2019, the Egyptian firm logged a net profit of EGP 130.27 million, compared to EGP 92.18 million in the year-ago period.

Year-on-year, revenues grew to EGP 694.88 million in the three-month period ended 31 March from EGP 522.99 million.

As for standalone business, CI Capital’s profit stood at EGP 70.34 million in Q1-19, compared to EGP 12.84 million in Q1-18.