Egypt’s FRA nods to Delta Insurance’s capital raise procedures
Wednesday, 09 04 2019, Category: Insurance and Reinsurance, Country: Egypt
Egypt’s Financial Regulatory Authority (FRA) approved to publish the disclosure form of Delta Insurance to proceed in raising its authorised and issued capital. The disclosure form includes the board of directors’ approval to increase the company’s authorised capital to EGP 500 million from EGP 150 million and the issued capital by EGP 130 million to EGP 250 million from EGP 120 million, FRA said in a statement to the Egyptian Exchange (EGX) on Tuesday.
The issued capital will be increased after issuing 32.5 million shares at a nominal value of EGP 4 apiece to be financed by EGP 68.1 million from the year’s profits, EGP 21.9 million from the retained earnings of the fiscal year ended 30 June, and EGP 40 million from foreign exchange difference reserves.