Egypt: Qalaa Holdings to raise authorized capital to $1bln
Arab Finance: Qalaa Holdings' board of directors approved increasing the authorized capital from EGP 10 billion to EGP 50 billion, as per a bourse filing issued on June 12 th.
The capital hike aims to secure procedural flexibility to allow the rapid issuance of new shares as needed.
Additionally, the EGX-listed firm will raise its issued capital by EGP 14 billion from EGP 9.10 billion to EGP 23.10 billion through a cash contribution at par value, for both common and preferred shares.
Qalaa Holdings will issue 2.80 billion new shares, representing 2.181 billion common shares and 618.059 million preferred shares, each with a nominal value of EGP 5.
Following the transaction, the new capital will be divided into 4.62 billion shares, instead of 1.82 billion shares.
The increase will be allocated to existing shareholders pro rata to their ownership in the issued capital as of a record date, which is set to be determined.
The company provided an option to utilize shareholders' credit balances to subscribe for new shares, whether during the first or second subscription rounds.
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