ICEC

Orascom Development targets EGP 22 mln fund for motivation, reward system

Egypt’s Orascom Development is looking to finance the company’s motivation and reward system with 22.16 million pounds.

The company will finance the capital increase in light of the extraordinary general meeting’s (EGM) decision of approving the motivation and reward systems last March, according to a filing to the Egyptian Exchange (EGX) on Monday.

In September, Orascom Development’s board of director agreed to raise the company’s issued capital to 1.13 billion pounds from 1.108 billion pounds to finance the company’s motivation and reward system.

The board approved an 22.16 million pounds capital increase by issuing 22.16 million shares at a nominal value of 1 pounds per share.

Orascom Development previously reported a 4.7 percent year-on-year increase in consolidated profits for the first half of 2018, recording 184.61 million pounds from 176.29 million pounds.

Revenues grew to 873.8 million pounds in the six-month period ended June, compared to 599.87 million pounds in the first half of 2017.

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