Cairo – Mubasher: Egyptian Transport and Commercial Services Company (Egytrans) received the approval of the Financial Regulatory Authority (FRA) to proceed with the capital raise transaction.
The FRA agreed for the company to increase its issued capital to EGP 224.94 million from EGP 156.06 million, according to a bourse disclosure.
In this regard, Egytrans will raise its capital by EGP 68.88 million at a nominal and fair values of EGP 1 per share and EGP 2.59 per share, respectively.
Following the hike transaction, a total of 67.11 million shares will be allocated to the shareholders of the National Transport and Overseas Services Company (NOSCO) in the implementation of a swap deal.
Meanwhile, the remaining 1.77 million shares will be directed to the National Investment Bank (NIB) through a cash increase at fair value with the non-implementation of priority rights in subscription to the rest of the company's old shareholders.
Last month, the EGX-listed firm disbursed a cash dividend of EGP 0.13 per share for 2022.
