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.

Copyright 2021 Arab Finance Brokerage Company All rights reserved. Provided by SyndiGate Media Inc. (Syndigate.info).

Disclaimer: The content of this article is syndicated or provided to this website from an external third party provider. We are not responsible for, and do not control, such external websites, entities, applications or media publishers. The body of the text is provided on an as is and as available basis and has not been edited in any way. Neither we nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this article. Read our full disclaimer policy here.