Cairo – Mubasher: Six of October Development and Investment (SODIC) announced that its shareholders approved a decision to increase the issued and paid-up capital to EGP 1.424 billion from EGP 1.396 billion.

The capital raise will be allocated for the fourth and fifth tranches of the employee stock ownership plan (ESOP), the company said in a bourse disclosure on Sunday.

During the first six months of 2020, SODIC reported net profits of EGP 69.3 million, down from EGP 337.9 million in the year-ago period.