Egypt: Al Fanar’s EGM thumbs up capital increase

The EGM has also accredited raising the company’s issued capital by EGP 8 million to EGP 16 million

Staff Writer, Arab Finance

July 9, 2023

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Al Fanar for Contracting, Construction, Trade, Import, and Export Company’s (FNAR) extraordinary general meeting (EGM) has approved increasing its authorized capital to EGP 160 million, the firm disclosed on July 9th.

The EGM has also accredited raising the company’s issued capital by EGP 8 million to EGP 16 million.

It is worth mentioning that Al Fanar reported earlier an 11% year-on-year (YoY) increase in net profits after tax for the first quarter (Q1) of 2023.

Al Fanar is an Egypt-based company, operating withing general contracting, construction, trade, import, and export, in addition to, land reclamation and land division.

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