ArabFinance: Mena for Touristic and Real Estate Investment (MENA) announced that 26.99 million shares were oversubscribed as the second phase of the rights issue shares, according to a statement filed to the Egyptian Exchange (EGX).
The first phase of the rights issue has been oversubscribed at a coverage ratio of 43.28% on 64.924 million shares.
Accordingly, the rights issue has been oversubscribed at a coverage ratio of 61.28% on a total of 91.92 million shares.
The companys issued capital will be increased to EGP 300 million from EGP 150 million.
The capital increase amounts to EGP 150 million distributed over 150 million shares at a nominal value of EGP 1 per share, in addition to issuance fees of EGP 2 per share.
Mena, established in 1980, operates in the fields of construction, real estate investment, project management, and urban development both locally and internationally.
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