CIRA's BoD approves EGP210mn capital increase from IPO proceeds
Cairo for Investment and Real Estate (CIRA) [CIRA.CA] announced that its board has approved increasing the company’s capital by EGP210mn from the IPO proceeds or 35 million shares at EGP6 per share, divided into a par value of EGP0.40 and a premium over par of EGP5.60, which will be added to the company's reserves. Following the increase, CIRA's total number of shares will reach 582.79 million, from 547.79 million previously. The capital increase will be solely subscribed to by main shareholder Social Impact Capital (SIC) and will be used to invest in a minority-owned medical city and further K-12 expansions.
Cairo Investment & Real Estate Development (CIRA): EGP7.15 as of 8 Nov 2018, Rating: Buy, TP: EGP9.20/share, MCap: USD219.3mn, CIRA EY/CIRA.CA
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