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Egypt Kuwait Holding’s shareholders approve capital raise via bonus issue

Egypt Kuwait Holding’s shareholders approve capital raise via bonus issue
The capital raise will be distributed over 102.44 million bonus shares
EKH
EKHO
1.15% 0.88 0.01

Cairo – Mubasher: The extraordinary general meeting (EGM) of Egypt Kuwait Holding (EKH), listed on the Egyptian Exchange (EGX) and Boursa Kuwait, approved an increase of $25.61 million in its issued and paid-up capital to reach $281.72 million.

The capital raise will be distributed over 102.44 million bonus shares at a nominal value of 25 cents per share, the company said in a statement on Monday.

In addition, the ordinary general meeting (OGM) approved a one-for-10 bonus issue to be financed from the retained and achieved earnings shown in the standalone financial statements for the period ended 30 September.

During the first nine months of 2020, the company achieved consolidated net profits of $118.27 million, up from $110 million in the year-ago period, including minority shareholders’ rights.

The standalone financial results for the January-September period showed net profits of $1.52 million, down from $14.7 million in the corresponding period a year earlier.