ArabFinance: International Company for Leasing (Incolease) (ICLE) got the Financial Regulatory Authority (FRA) approval to proceed in the capital increase of EGP 200 million, according to the companys statement filed to the Egyptian Exchange.
The company will increase the issued capital to EGP 400 million from EGP 200 million. It will utilize the EGP 170 million from reserves and EGP 30 million from retained profit.
Incolease net profit went down to EGP 74.23 million in 2020, from EGP 92.67 million in 2019.
Incolease is an Egypt-based company engaged in the provision of customer service and personalized financial solutions.
The company leases a range of assets, including commercial vehicles, machinery, information technology equipment, production lines, real estate, and others tangible and intangible long-term assets.
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