Cairo –  The board of directors of Maridive and Oil Services decided to increase the company’s issued capital, based on shareholders’ approval on an extraordinary general meeting (EGM) to $188.1 million from $163.84 million.

The capital increase will be acquired by the Canadian investor Najjad Zeenni, according to a statement to the Egyptian Exchange (EGX) on Tuesday

The company’s issued capital will be raised by $24.26 million, distributed over 60.65 million shares at $0.61 per share with a total amount of $37 million.

The capital increase is divided into a nominal value of $0.40 a share with a total amount of $24.26 million as well as $0.21 apiece as bonus issue with a total amount of $12.73 million, the statement showed.

In September, the company’s EGM approved increasing the company’s issued capital to $188.1 million from $163.8 million.

It is noteworthy that during the first half of 2019, Maridive suffered net losses of $4.5 million, against net profits of $17.08 million in the year-ago period, including minority shareholders’ rights.

Source: Mubasher

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