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FRA approves Kima's capital raise request

FRA approves Kima's capital raise request
Kima decided to increase its issued capital by EGP 2 billion
Kima
EGCH
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Cairo – Mubasher: The Egyptian Financial Regulatory Authority (FRA) approved the publication of a disclosure form submitted by the Egyptian Chemical Industries (Kima) to invite shareholders to purchase rights issue shares.  

Kima decided to increase its issued capital by EGP 2 billion through the issuance of 400 million shares at a nominal value of EGP 5 apiece as well as issuance expenses of EGP 0.05 per share, the FRA said in a statement to the Egyptian Exchange (EGX) on Tuesday.

The record date of the rights issue is the end of the trading session on 27 June.

During the first nine months of fiscal year (FY) 2020/2021, Kima turned to net losses of EGP 1.02 billion, against net profits of EGP 42.915 million in the year-ago period.