Cairo – Mubasher: The Egyptian Financial Regulatory Authority (FRA) approved the publication of the disclosure form submitted by Ibnsina Pharma to increase its capital.
The company will increase its issued capital to EGP 280 million from EGP 240 million through the issuance of 160 million bonus shares at a value of EGP 40 million or EGP 0.25 apiece, the FRA said in a statement to the Egyptian Exchange (EGX) on Thursday.
The capital raise will be carried out through a 0.1666-for-one bonus issue, which will be financed from the company’s earnings in 2020.
In 2020, Ibnsina Pharma recorded net profits of EGP 224.66 million, down from EGP 328.77 million a year earlier, including minority shareholders’ rights.
