Eng. Mansour Al Barbary, Chairman of Barbary Investment Group (B.I.G.) said his company is proceeding steadily towards moving the stock listing from NILEX to the official market. The official listing of the company’s stock will provide shareholders with several privileges, the top official told Mubasher in an exclusive.
The chairman said that his company took several steps to become a major entity, including the increase of issued capital to approx. EGP 30 million.
El Barbary had said in mid-September that the company’s rights issue to raise issued capital from EGP 10 million to EGP 40 million has been successfully completed.
The company said earlier that the second phase of its rights issue was oversubscribed by 400%.
A total of 6.754 million shares were subscribed in the second phase, totaling EGP 6.754 million, compared with offered 1.458 million shares worth EGP 1.458 million.
The Egyptian Financial Supervisory Authority (EFSA) had announced it initially approved a request from the company to invite shareholders to subscribe to the remaining 16.5 million secondary shares at EGP 1 par value each.
The company had posted EGP 1.3 million net profit for the first nine months of FY14.