El Obour Real Estate Investment has invited shareholders to subscribe to shares of increasing its issued and paid-in capital from EGP 22 million to EGP 44 million.
The EGP 22 million will be divided into 4.4 million shares at EGP 5 par value each. Shareholders of record till the close of trading on Wednesday, December 28 will be entitled to the rights issue within 100% of their owned equities.
The rights issue will start on Monday, December 31, till January 29, 2015. It can be closed ahead of deadline if fully covered.
The Egyptian Financial Supervisory Authority (EFSA) had approved a request from El Obour to invite shareholders to subscribe to a rights issue aimed at increasing the company’s issued capital.
Subscription rights will be traded separately.
The company’s extraordinary general meeting had approved in September increasing issued capital by 100%, or EGP 22 million, divided into 4.4 million shares at EGP 5 par value plus EGP 0.125 issue premium each. Photo Credit: Arabianeye-Reuters