Cairo - Mubasher: Development and Engineering Consultants Co (TAMEER) received the Egyptian Financial Regulatory Authority's (FRA) approval to proceed with the capital raise procedures.
The FRA decided to publish the disclosure form submitted by the company to increase its issued capital by EGP 49.89 million to EGP 299.37 million from EGP 249.48 million by issuing 3.56 million shares at a nominal value of EGP 14 apiece, according to a statement to the Egyptian Exchange (EGX) on Monday
The capital raise will be funded from the company's retained earnings as per the financial statements for the period ended 31 December 2020.
During the first quarter (Q1) of 2021, TAMEER reported net losses of EGP 1.7 million, down from EGP 3.57 million in the year-ago period.
The revenues increased to EGP 5.74 million in Q1-21 from EGP 2.9 million in Q1-20.
