Cairo – Mubasher: Egypt’s Financial Regulatory Authority (FRA) has agreed to publish the disclosure on the decisions of the Integrated Engineering Group’s board of directors regarding the capital increase, according to a stock exchange statement on Tuesday.
The group’s board previously decided to raise the issued and paid-up capital to EGP 29 million from EGP 15 million, representing a hike of EGP 14 million. The capital raise will be distributed among 140 million shares at a par value of EGP 0.10 per share and issue expenses of EGP 0.25.
Furthermore, the board approved increasing the company’s authorised capital to EGP 100 million from EGP 30 million.
It is worth noting that during the first nine months (9M) of 2022, the EGX-listed firm incurred losses at EGP 298,220, compared to EGP 327,210 in the prior-year period.
In the meantime, revenues dipped to EGP 2.50 million in 9M-22, compared to EGP 14.77 million in 9M-21.
