Egyptians for Investment’s 2nd phase of rights issue 82.8x subscribed

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The second phase of Egyptians for Investment and Urban Development’s (EIUD) rights issue was subscribed at a coverage ratio of 82.806 times at a value of EGP 252.792 million, according to a filing on March 18th.

The subscription in this phase included 2.466 billion shares of total offered shares at a nominal value of EGP 0.10 per share.

On January 9th, the Financial Regulatory Authority (FRA) approved in principle for Egyptians for the company to invite senior shareholders to subscribe to the rights issue.

Through the rights issue, the company’s issued capital is set to increase by EGP 100 million via the issuance of 1 billion shares at a nominal value of EGP 0.10 per share.

Accordingly, the capital will be raised to EGP 150 million from EGP 50 million.

Established in 1998, Egyptians for Investment and Urban Development is a Cairo-based company operating in the fields of real estate investment, construction of buildings and resorts, land subdivision, and buying and selling of properties.