Cairo - Mubasher: The Egyptian Financial Regulatory Authority (FRA) approved the publication of a disclosure form submitted by Sidi Kerir Petrochemicals (Sidpec) to proceed with the capital raise procedures. 

The disclosure form includes the company's decision to increase its issued capital by EGP 210 million to EGP 1.26 billion from EGP 1.05 billion, the FRA said in a statement to the Egyptian Exchange (EGX) on Monday. 

The capital raise will be funded from the company's retained earnings as per the financial statements for the period ended 31 December 2020. 

During the first quarter (Q1) of 2021, Sidpec turned to net profits of EGP 151.74 million, versus net losses of EGP 31.28 million in the year-ago period.