Nasr Company for Civil Works gets FRA's approval for capital raise

The company's extraordinary general meeting (EGM) will convene on 25 August to discuss the capital increase decision

  
Cairo - Mubasher: The Egyptian Financial Regulatory Authority (FRA) approved the publication of a disclosure form submitted by Nasr Company for Civil Works to increase the issued and paid-up capital to EGP 98.82 million from EGP 73.2 million.

The capital will be raised by EGP 25.62 million through the issuance of 5.12 million shares at a nominal value of EGP 5 apiece to be financed through a rights issue, the FRA said in a statement to the Egyptian Exchange (EGX) on Sunday.

The company's extraordinary general meeting (EGM) will convene on 25 August to discuss the capital increase decision.

During the first quarter (Q1) of 2021, the company recorded net losses of EGP 2.54 million, versus net profits of EGP 4.04 million in Q1-20.

Source: Mubasher

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