Riyadh – Mubasher: The board of directors of Al Babtain Power and Telecommunication Co. (Al Babtain) decided to increase the capital of Al Babtain Leblanc Egypt for Telecom Engineering, an 85% indirectly owned subsidiary, to EGP 35.091 million from EGP 2 million. 

Accordingly, the number of Al Babtain Leblanc Egypt for Telecom Engineering’s shares will be increased to 3.309 million shares valued at EGP 33.091 million from 200,000 shares through a rights issue, according to a statement to the Saudi Stock Exchange (Tadawul) on Monday.

The purpose of the capital raise is to foster the company’s financial position and develop its operations and activities in Egypt, the company noted.

 It is noteworthy that during the first half of 2019, Al Babtain’s net profits after zakat and tax grew to SAR 40.7 million, compared to SAR 39.9 million in H1-18, according to the company’s interim financial results.