Latest news with #capitalincrease
Zawya
8 hours ago
- Business
- Zawya
Egypt: Nasr for Civil Works obtains EGM's nod for capital raise
Arab Finance: Nasr Company for Civil Works' extraordinary general meeting (EGM) agreed to increase the issued and paid-up capital to EGP 210 million from EGP 161.384 million, according to a bourse filing. The EGX-listed firm will raise its capital by EGP 48.615 million, distributed over 48.615 million shares, with a nominal value of EGP 1 per share. Nasr for Civil Works will distribute 3-for-10 bonus shares, financed from the company's profits registered in 2024. © 2020-2023 Arab Finance For Information Technology. All Rights Reserved. Provided by SyndiGate Media Inc. (
Reuters
9 hours ago
- Business
- Reuters
Eutelsat shares open up 6% after France gives it capital boost
PARIS, June 20 (Reuters) - Eutelsat shares were up 6% at opening on Friday after the French government announced it would become the satellite company's biggest shareholder following a 1.35 billion-euro ($1.55 billion) capital increase. The French finance ministry said the move would help the company, which owns the world's second-largest constellation of low-Earth orbit satellites, compete with Elon Musk's Starlink. "By strengthening the capital of Eutelsat, the only European player in low-Earth orbit constellations, France is securing its strategic independence and paving the way for that of Europe," French President Emmanuel Macron wrote in a post on X early on Friday. Other major Eutelsat shareholders will subscribe to the capital increase, Eutelsat said in a statement, but it was unclear if Britain, which holds 10.9% of the company, will inject new money into it. Eutelsat merged with OneWeb in 2023, saying at the time that the tie-up would lift the group's annual sales to $2 billion by 2027, with OneWeb's second generation of LEO satellites to be launched by the decade's end. But Eutelsat has since said it needed more than three times the number of satellites previously thought, requiring up to 2.2 billion euros in financing. ($1 = 0.8686 euros)
Zawya
12 hours ago
- Business
- Zawya
Egyptians for Investment approves capital increase
Cairo - The Egyptians for Investment and Urban Development Company's board agreed, on 18 June, to increase the issued and paid-up capital to EGP 165 million from EGP 150 million. The EGX-listed firm will distribute 15 million bonus shares to 150 million shareholders, reflecting a ratio of one bonus share for every ten shares held, according to a bourse statement. The transaction will be funded from retained earnings of EGP 17.53 million, with EGP 749,865 allocated as a 5% legal reserve, leaving EGP 16.78 million available for distribution. All Rights Reserved - Mubasher Info © 2005 - 2022 Provided by SyndiGate Media Inc. (
Zawya
3 days ago
- Business
- Zawya
Saudi's CMA approves capital hike of Paper Home, Al Modawat via bonus shares
Riyadh: The Capital Market Authority (CMA) has approved the capital increase requests of Paper Home Company and Al Modawat Specialized Medical Company. The approvals will be executed through the issuance of two bonus shares for each existing share, according to separate disclosures. Paper Home's capital will hike from SAR 20 million to SAR 60 million, raising the number of outstanding shares from 2 million to 6 million. The transaction will be implemented by transferring SAR 40 million from the retained earnings account. Meanwhile, the CMA greenlighted Al Modawat's proposal to increase its capital by 200% from SAR 23.75 million to SAR 71.25 million The SAR 47.50 million capital raise will be financed by transferring the share premium account to the company's capital. Hence, the number of shares will increase from 23.75 million to 71.25 million shares. Source: Mubasher
Zawya
3 days ago
- Business
- Zawya
Kuwait's Aqarat to boost capital by 15%
A key Kuwaiti real estate company with projects in Kuwait and the UAE is planning to boost capital by 15 percent to fund new projects, it said on Tuesday. Aqarat said in a bourse statement that its board of directors would meet on Wednesday to approve procedures for the capital increase. 'The board will convene on Wednesday to deliberate and review the procedures related to the increase of the Company's share capital,' the statement said. 'The capital increase is for the purpose of expanding the Company's operational activities,' the statement added. It noted that the board would discuss a report on the capital rise prepared by a specialized company and that the report would later be presented to the general assembly for final endorsement. At the end of 2024, Aqarat had a paid up capital of 100 million Kuwaiti dinars ($330 million) and assets of nearly $1.5 billion. (Writing by Nadim Kawach; Editing by Anoop Menon) (
