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Rana Mamdouh
The Egyptian company in charge of development of the building industry, Lift Slab Egypt, announced that the first phase of the process of subscription to a capital increase had covered 2.187 million shares, or 43.72% of the total of 5,004 million shares.
The company said in a statement to the stock exchange today that it was asking the Egyptian Financial Supervisory Authority to approve the invitation to open the IPO for the second phase of the shareholders and unhedged share buyers of 2,816 million shares.
It should be noted that the Securities Exchange Committee of the Egyptian Stock Exchange approved the subscription right of the Egyptian company for the development of the construction sector (Lift Slab Misr), up to a total of 5 million rights separate from the shares. initials, at the invitation of the old shareholders to subscribe in cash the shares of capital increase.
The Egyptian Financial Supervisory Authority (EFSA) had previously stated that it had agreed in principle to increase the issued capital from EGP 34.07 million to EGP 65.1 million, an increase of EGP 31.02 million, financed by an invitation to shareholders.
The CMA approved the increase by issuing 5 million subscribed shares at a nominal price of £ 6.20 per share, in addition to issue fees of 10 piastres per share.
It should be noted that the Egyptian company in charge of development of the building industry made a profit of 383 500 kilograms during the period from January to December 2018, against a profit of 1.9 million pounds sterling in 2017.
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