Cairo – Mubasher: The shareholders of Mohandes Insurance approved a proposal to increase the company’s capital to EGP 187.5 million from EGP 150 million through a bonus issue.

The company’s ordinary general meeting (OGM) gave the green light to using EGP 27.35 million from reserves (exchange gain) and EGP 10.14 million from retained earnings to raise the issued capital by EGP 37.5 million, which will be distributed over 15 million shares at a nominal value of EGP 2.5 apiece, the company said in a bourse statement on Monday.

One bonus share will be distributed for every four shares held, the company added.

In December 2019, the company’s board recommended a capital increase through a bonus issue.

It is noteworthy that during the first half of fiscal year 2019/2020, the insurance company’s net profits went up by 16% to EGP 72 million from EGP 62.04 million in the year-ago period.