Egypt’s El-Saeed Contracting and Real Estate Investment Company is to raise the issued and paid-up capital to EGP 709.65 mn from EGP 665.297 mn, Invest-Gate reports.

At its general meeting (EGM) held on June 4, the company decides to increase its capital through distributing 44.35 mn bonus shares on a 1-for-5 basis after writing off the remaining balance.

The EGM also gave the go-ahead to reduce issued capital to EGP 665.29 mn from EGP 665.34 mn by writing off 46,600 shares at a nominal value of EGP 1 each.