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Porto Group's shareholders approve capital raise via bonus issue

Porto Group's shareholders approve capital raise via bonus issue
The company’s issued capital will be increased to EGP 702.17 million
ARAB Developers Holding
ARAB
-2.04% 2.40 -0.05

Cairo – Mubasher: The extraordinary general meeting (EGM) of Porto Group Holding approved a proposal to increase its capital by EGP 100.3 million through a one-for-six bonus issue to be financed from 2018's retained earnings and 2019’s generated profits.

The chairman has been authorised to take the necessary procedures to approve the capital raise, the company said in a bourse disclosure on Monday.

The company’s issued capital will be increased to EGP 702.17 million from EGP 601.86 million.

It is worth mentioning that the financial indicators for the first quarter of 2020 showed that Porto Group incurred net losses of EGP 16.34 million, against net profits of EGP 59.59 million in the year-ago period.