Iskan Insurance Plans Boosting Capital to EGP100 mn by Sept

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Egypt’s Iskan Insurance Company is planning boosting its  paid up capital to EGP100 million by the end of next September, Chairman and Managing Director Hammam Badr revealed.

In statements to Amwal Al Ghad, Badr added that it will be pumped EGP20 million as an increase in the company’s capital during the coming days to become EGP95 million, noting that it is currently completing the remaining value of shareholders.

Egyptian Financial Supervisory Authority (EFSA) responded to Iskan’s request regarding reducing the company’s issued capital to EGP100 million instead of EGP150 million, stressing that Iskan’s paid up capital since the inception reached EGP50 million but it increased to EGP75 million during the last year.