Egypt Mohandes Insurance’s board Oks paid-in capital increase

Egyptian Mohandes Insurance’s board endorsed a planned increase in its paid-in capital to 37.5 million Egyptian pounds ($2.3 million), chairman and managing director said on Wednesday.

“Our current paid-in capital stands at 150 million pounds,” Reda Fathy said.

The company targets a capital increase up to 187.5 million pounds following an approval of the general assembly, Fathy added.

The capital increase will be financed through the firm’s special reserve by 27.35 million pounds, besides 10.14 million pounds generated from its profits, he said. These profits amounted to 10.91 million pounds.