ArabFinance: Mohandes Insurance (MOIN) stated the ordinary & extraordinary general assemblies held meetings on Feb. 16.
The ordinary general assembly approved leveraging on EGP 27,352,986 from reserves and EGP 10,147,014 from retained profits to increase the issued capital from EGP 150 million to 187.50 million.
The capital will be increased by issuing 15 million free stocks, 0.25 free stock for every existing one held at par value of EGP 2.50 per share, with the total value of EGP 37.50 million.
The extraordinary general assembly approved the capital increase and amending articles no. 6 & 7 of the company statute.
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