Egypt's Development and Engineering Consultants proposes capital raise

The board proposed issuing one bonus share for every 10 shares held.

  
Traders work at the Egyptian stock exchange in Cairo February 2, 2014.

Traders work at the Egyptian stock exchange in Cairo February 2, 2014.

REUTERS/ Mohamed Abd El Ghany

Cairo –   The board of directors of Development and Engineering Consultants Co (TAMEER) decided to increase its issued capital to EGP 274.428 million from EGP 249.48 million, according to a bourse disclosure on Sunday.

The board recommended increasing the company’s capital by EGP 24.948 million through the issuance of 1.782 million bonus shares at a nominal value of EGP 14 apiece to be financed from the company’s profits shown in the financial results for the year ended 31 December 2019.

The board proposed issuing one bonus share for every 10 shares held.

The decision is still pending approval of the ordinary general meeting (OGM) and extraordinary general meeting (EGM).

For the full-year 2019, the company’s net profits dropped to EGP 47.86 million from EGP 330.75 million in 2018, including minority shareholders’ rights

Source: Mubasher

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