Egypt Kuwait Holding Endorses Bonus Issue

Egypt Kuwait Holding Co. (EK Holding) held an extraordinary general meeting on Thursday, September 11, in which shareholders approved implementing the incentive system through bonus share distribution to workers, managers and executive board members
The Egyptian Exchange (EGX) had approved on Wednesday a request from EK Holding to proceed with steps of implementing the incentive system through bonus share distribution to workers, managers and executive board members.

The company’s board had approved on June 30 a capital increase from $209.8 million to $243.9 million.

The $34.1 million increase is divided into 136.36 million shares at $0.25 par value plus $0.55 issue premium each.

The board also approved amending articles of incorporation No. 6 and 7 in light of the rights issue results. Accordingly, the company’s capital will be $243.9 million, divided into 975.7 million shares at $0.25 par value each.