Egypt’s Sodic Considering LE 1 Bln Rights Issue

Egyptian property developer SODIC (OCDI) is considering a LE 1 billion (USD 139.86 million) rights issue, the firm said in a statement on Monday.

“The board of directors have agreed to submit a suggestion to the extraordinary general assembly to look into increasing the capital of the firm,” the statement said, adding that it would look to raise around LE 1 billion divided over 250 million shares worth four pounds each.

Source: Reuters