Cairo – Mubasher: The board of International Business Corporation For Trading and Agencies approved a capital increase through bonus share distribution that will be financed from 2014 profits, the company said in a bourse filing Tuesday.
The company earlier decided to raise issued capital to EGP 24.5 million, from EGP 20 million, through issuing 900,000 bonus shares at EGP 5 par value each. The bonus share distribution will be carried out at 0.225-for-1.
The board endorsed a disclosure report in order to request the approval of the Egyptian Exchange on proceeding with the capital raise.
The board chairman was mandated to call for ordinary and extraordinary general meetings within a week after obtaining EGX approval.
The company previously posted EGP 922,500 ($120,900) in net profits for the first quarter of 2015, compared with EGP 801,700 ($105,000) in the same period a year earlier.
