Cairo - Mubasher: The board members of First Investment and Real Estate Development greenlighted distributing EGP 3.43 million in bonus shares to the existing shareholders in order to raise the capital.
The company will issue half a share for every owned share, and the new shares will therefore increase the company’s issued capital to EGP 10.31 million from EGP 6.87 million, according to a bourse filing.
Meanwhile, the hike transaction will be executed by issuing 6.87 million bonus shares at a nominal value of EGP 0.50 per share.
First Investment noted that the capital increase amount will be funded from the retained earnings recorded in the company’s financial statements for 2024.
