Cairo – Mubasher: Sixth of October for Development and Investment’s (SODIC) board of directors has approved to raise the company’s capital to EGP 1.396 billion from EGP 1.369 billion in favour of the reward and motivation system.
The EGP 27.5 million capital increase is distributed over 6.8 million shares exchanged at a value of EGP 4 per share, SODIC said in a statement to the Egyptian Exchange (EGX) on Sunday.
The capital hike will be financed from the company’s special reserve and the proceeds of the shares issue, according to the statement.
This increase will be allocated for issuing the second and third tranches of the reward and motivation system through granting shares with special conditions, the company indicated.
The board also agreed to amend the 6th and 7th articles of the company’s articles of association in light of the capital raise, the company added.
Last week, SODIC announced it signed a comprehensive settlement with the Illicit Gains Authority (IGA).
Upon the agreement, SODIC would pay EGP 800 million as a settlement for the company’s 1,400-acre land plot in Sheikh Zayed.
