Egypt’s South Valley Cement announced a one-for-two rights issue which will increase the company’s capital 50 per cent to E£2.22bn (US$403.3m), the company said.
Existing shareholders will be able to subscribe to the new shares at the nominal value of £E5 a share, with no issuing fee or premium, it said in a statement. It did not give the date on which shareholders must hold shares in order to qualify.
Around two weeks ago South Valley Cement reported a 323 per cent rise in net profit to £E300m in the nine months ended Sept. 30.
South Valley shares were steady on Monday at about £E16.86.