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Sarwa Capital nods to bonus share distribution, capital raise

Sarwa Capital nods to bonus share distribution, capital raise
Shareholders approved distributing 0.60 bonus share for every share held

Cairo – Mubasher: Sarwa Capital Holding for Financial Investments announced that its shareholders have approved the distribution of 448.8 million bonus shares at a nominal value of EGP 0.16 apiece during an ordinary general meeting (OGM).

These bonus shares will be distributed from the company’s profits reported in the standalone financial statements for the period ended 31 March, according to a statement to the Egyptian Exchange (EGX) on Monday.

The shareholders approved distributing 0.60 bonus share for every share held before the capital raise.

Moreover, the company’s extraordinary general meeting (EGM) approved increasing its capital by EGP 71.8 million to EGP 191.5 million from EGP 119.6 million.

During the first quarter of 2019, the company’s net profits surged to EGP 127.87 million from EGP 55.65 million in the year-ago period.

At the level of standalone business, Sarwa Capital’s profits hiked to EGP 71.12 million in Q1-19 from EGP 358,636 in Q1-18.