Orascom Development board OKs 22.1 mln capital hike

Egyptian Orascom Development Company’s board of director has agreed to raise the company’s issued capital to 1.13 billion pounds from 1.108 billion pounds to finance the company’s motivation and reward systems.

The board approved an 22.16 million pounds capital increase through issuing 22.16 million shares at a nominal value of one pounds per share, Orascom said in a filing to the Egyptian Exchange (EGX).

The board decided to assign the company’s chairman to begin the amendment procedures and invite the extraordinary general meeting (EGM) to consider the capital hike and amend articles 6 and 7 of the company’s articles of associations.

Orascom Development previously reported a 4.7 percent year-on-year increase in consolidated profits for the first half of 2018, recording 184.61 million pounds from 176.29 million pounds.

Revenues grew to 873.8 million pounds in the six-month period ended June, compared to 599.87 million pounds in the first half of 2017.