Cairo - Mubasher: Cairo Oils and Soap announced that the second phase of its right issue was covered by 46.5 times, through subscription to 669,897 stocks representing 99.4%.
The right issue's strong coverage through both the first and the second phases, reflects the shareholders' confidence in the company's strategy, said Deputy Chairman, Iman Korra.
The company's right issue was covered 99.4% in the first phase.
Earlier, the company secured the approval of the Egyptian Exchange to raise its issued capital from EGP 80 million to EGP 200 million, distributed across 24 million shares at EGP 5 par value each in addition to issuance fees of 1 piaster each.
Cairo Oils turned to profitability in the first quarter of the fiscal year 2015/16, as it posted net earnings of EGP 25.14 million, against losses of EGP 13.31 million in the prior-year period.
