EGX approves listing Mohandes Insurance’s capital hike

PHOTO

The Egyptian Exchange’s (EGX) listing committee has approved listing the issued and paid-up capital increase of EGP 50 million for Mohandes Insurance (MOIN), as per a disclosure on May 8th.

Thus, the capital shall be raised from EGP 300 million to EGP 350 million after the issuance of 20 million shares, equivalent to 0.166-for-1 bonus share, at a nominal value of EGP 2.5 per share.

Accordingly, the company will distribute the 0.166-for-1 bonus shares, with eligibility to shareholders until a record date of May 8th.

The company's capital after the increase will be listed on the EGX's database on May 9th.

Mohandes Insurance is an Egypt-based company that offers life and non-life insurance, and reinsurance products and services. Its products and services portfolio fall into two main insurance segments, namely individual insurance and property insurance.