Egypt - Mohandes Insurance mulls EGP 30m capital raise
Monday, 09 23 2019, Category: Insurance and Reinsurance, Country: Egypt
The board of directors of Mohandes Insurance considers increasing the company’s issued capital by EGP 30 million.
The capital is proposed to be increased by issuing bonus shares to be financed by EGP 14 million from annual profits and EGP 16 million from reserves, the company said in a statement to the Egyptian Exchange (EGX) on Sunday.
The decision is still pending approvals of the Financial Regulatory Authority (FRA) and the General Authority for Investment and Free Zones (GAFI).
During fiscal year 2018/2019, the insurer’s net profits rose to EGP 154.96 million, compared to EGP 128.33 million in FY17/18, including minority shareholders’ rights.