Egyptian bourse approves to raise Zahraa Maadi’s capital to $7.9mn

Egypt’s stock exchange’s listing committee on Sunday approved increasing the state-owned Zahraa Maadi Investment and Development’s capital to 132 million Egyptian pounds ($7.9 million) from 99 million pounds through bonus shares, according to Mubasher.

The eligibility of bonus shares shall be for the shareholders registered until the end of trading session on 18 August, the Egyptian Exchange (EGX) said in a statement.

Zahraa Maadi’s bonus shares will be listed on the Egyptian bourse as of the beginning of trading session on 19 August, the statement added.

Zahraa Maadi decided to increase its issued capital to 132 million pounds, up from 99 million pounds through issuing 33 million shares at 1 pounds apiece.

During the first half of the current year, the real estate company logged a net profit up to 58.7 million pounds against 56.3 million during the same half in 2018.