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Sunday, 11 March 2018

FRA approves capital increase requests from MNHD, Porto Group, EG Bank, Naeem Holding

The Financial Regulatory Authority (FRA) approved on Thursday EG Bank’s request to raise its issued capital USD 22.5 mn to reach USD 365.3 mn, to be funded through its 2017 earnings, according to an EGX statement (pdf). The FRA also approved Naeem Holding’s request for a USD 21.9 mn capital increase to USD 240.4 mn; Madinet Nasr Housing Development’s request to increase its issued capital EGP 152.8 mn to EGP 1.15 bn through its 2017 earnings; and Porto Group’s request to increase its issued capital EGP 100.3 mn to EGP 601.8 mn through its 2016 and 2017 profits.

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