Cairo – Mubasher: The Egyptian Exchange’s (EGX) listing committee approved increasing the issued and paid-up capital of the United Company for Housing and Development by EGP 70.8 million to EGP 354 million from EGP 283.2 million. 

The capital raise will be distributed over 56.64 million shares at EGP 1.25 apiece by distributing a 0.25% bonus share for every share held, according to a statement to the Egyptian Exchange (EGX) on Wednesday. 

The bonus issue will be financed from shareholders’ dividends based on financial results for fiscal year ended 31 December 2018.  

The eligibility of bonus shares shall be for the shareholders registered until the end of trading session on 21 August.

For the full-year 2018, the EGX-listed firm logged a profit of EGP 104.86 million, compared to EGP 94.97 million in the previous year, including minority shareholders’ rights.

Sales grew to EGP 165.1 million last year from EGP 141.8 million in 2017.