Cairo- Mubasher: The extraordinary general meeting (EGM) of Egyptians Abroad for Investment and Development has approved capital increase.

In its recent disclosure to the Egyptian Exchange (EGX), Egyptians Abroad affirmed that its shareholders agreed to increase the authorised capital from EGP 750 million to EGP 1 billion as well as the issued and paid-in capital from EGP 124.4 million to EGP 260 million distributed on 104 million shares, with a total increase of EGP 135.6 million distributed on 54.24 million shares as follows:

- An increase of EGP 124.4 million in the issued capital to be distributed as one share per each existing share through issuing 49.76 million shares at a nominal value of EGP 2.5 each, in addition to EGP 0.5 as issue costs.

The increase in value shall be paid in cash or through the credit balances due for any of the shareholders.

- An increase of EGP 11.2 million in the issued capital by using retained earnings indicated in the company’s financial position to be issued on 31 July 2019, through issuing 4.48 million shares to be allocated fully to the Effective Reward and Incentive Scheme of the company’s employees, managers, and executive board members.

Noteworthy, in the first quarter of 2019, Egyptians Abroad’s net profits tumbled to about EGP 500,360 from EGP 2.24 million in Q1-18.

The company’s revenues slumped to EGP 3.53 million in Q1-19, from EGP 8.29 million in Q1-18.

Meanwhile, Egyptian Abroad’s standalone net profits slid to approximately EGP 93,410 in Q1-19 from EGP 1.3 million in Q1-18.