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Odin Investments’ capital raise subscription covered by 56.75%

Odin Investments’ capital raise subscription covered by 56.75%
The first phase of subscription included 28.23 million shares
Odin Investments
ODIN
-2.40% 2.44 -0.06

Cairo – Mubasher: Odin Investments, formerly Egyptians Abroad for Investment and Development, announced that subscription to its issued capital increase was covered by 56.75%.

The first phase of subscription included 28.23 million shares and the remaining 21.52 million shares will be offered again for subscription, the company said in a statement to the Egyptian Exchange (EGX) on Thursday.

It is noteworthy that the company’s extraordinary general meeting (EGM) approved increasing the issued and paid-in capital to EGP 248.8 million from EGP 124.4 million, by issuing 49.760 million shares at a nominal value of EGP 2.5 per share, in addition to issuance expenses of EGP 0.05 per share.

During the first half of 2019, the company logged a net profit of EGP 1.55 million, compared to EGP 3.05 million in H1-18.