Egypt: IFAP’s board nods to raising issued, paid-up capital by over $8mln

IFAP’s increased amount will be financed from the current year's profits shown in its financial statements on June 30th 2024

Staff Writer, Arab Finance

December 24, 2024

PHOTO

The International Company for Agriculture Crops’ (IFAP) board of directors greenlit increasing the issued and paid-up capital from EGP 320 million to EGP 760 million, as per a bourse filing.

The EGP 440 million hike will be distributed over 220 million bonus shares with a nominal value of EGP 2 per share, at a rate of 1.375 bonus shares for each ordinary share.

IFAP’s increased amount will be financed from the current year's profits shown in its financial statements on June 30th 2024.

Last July, the company’s extraordinary general meeting (EGM) granted its nod for raising the authorized capital from EGP 500 million to EGP 1 billion.

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