Cairo – Mubasher: Odin Investments, formerly Egyptians Abroad for Investment and Development, said that the second phase of its issued capital increase was oversubscribed by 1.686 times.
The second phase of subscription included 36.29 million shares out of total 21.52 million with an allocation rate of 59.3%, the company said in a statement to the Egyptian Exchange (EGX) on Tuesday.
It is noteworthy that the first phase of subscription included 28.23 million shares, while unsubscribed shares reached 21.52 million.
The company’s extraordinary general meeting (EGM) approved raising the issued and paid-in capital to EGP 248.8 million from EGP 124.4 million, by issuing 49.760 million shares at a nominal value of EGP 2.5 per share, in addition to issuance expenses of EGP 0.05 apiece.
During the first half of 2019, the company reported a net profit of EGP 1.55 million, compared to EGP 3.05 million in H1-18.
