FRA approves the progress of “Al Obour Investment” to increase its capital by EGP 58.8 million

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The Financial Supervisory Authority said that it had no objection, in principle, to the “Al-Obour Real Estate Investment” company publishing an invitation to the old shareholders to subscribe to the shares of increasing the company’s issued capital, which amounted to 11.75 million shares, with a nominal value of 5 pounds.

The financial control added that the capital increase with a total value of the issuance amounted to 58.76 million pounds, in addition to 12 piasters issuance expenses, while allowing the right of subscription to be traded separately from the original share.

She clarified that the holder of the right to subscribe are the old shareholders of the company, holders and purchasers of the stock until the end of the trading session on October 27, 2021.

The shareholder, Manal bint Mohammed bin Ahmed Al Hassan, reduced her share in the capital of “Al Obour Real Estate Investment” from 15.19% to 14.85%.

The contribution sold about 20,000 shares with a total value of 800,000 pounds, bringing the average selling price per share within the deal to 20 pounds per share.

Al-Obour Real Estate Investment Company revealed that the General Investment Authority refused to appoint Tariq Saad Al-Sayed as a member of the company’s board of directors.

The company added that Tariq Saad is not currently a member of the company’s board of directors.

During the 9 months of this year, the company achieved a net profit of 668.44 thousand pounds, compared to 572.497 thousand pounds during the same period last year.

Total revenues rose during the 9 months of this year to reach 59.228 million pounds, compared to 51.523 million pounds during the same period last year.

The article was written in Al Borsa Newspaper, by the Financial Supervisory Authority, to increase its capital by EGP 58.8 million.