Cairo – Mubasher: The board of directors of Mohandes Insurance decided to increase the company’s issued capital to EGP 187.5 million from EGP 150 million through the issuance of bonus shares.

The insurer’s issued capital is proposed to be increased by EGP 37.5 million, distributed over 15 million shares at a nominal value of EGP 2.5 apiece, according to a statement to the Egyptian Exchange (EGX) on Wednesday.

The capital raise is still pending shareholder approval, the statement showed.

The board decided to distribute 0.25 bonus share for every share held, to be financed from the company’s reserve as of 30 June 2019 which amounted to EGP 27.35 million, along with retained profits of EGP 10.14 million.

It is noteworthy that during the first quarter of fiscal year 2019/2020, Mohandes Insurance logged a consolidated net profit of EGP 49.45 million, up from EGP 39.57 million in the prior-year period.