Arabia Investments Holding’s board of directors has approved raising the company’s capital by EGP 288.333 million.
The Egyptian firm’s capital will be increased to EGP 432.5 million from EGP 144.17 million, according to a statement to the Egyptian Exchange (EGX) on Tuesday.
The Ordinary General Meeting (OGM) will be held to consider increasing the issued and paid-up capital, the statement added.
During the first quarter of 2019, the company’s net profits registered EGP 22.13 million, compared to EGP 23.99 million in the year-ago period.
Year-on-year, the company’s revenues slid to EGP 329.83 million in the three-month period ended 31 March from EGP 428.49 million.
As for standalone business, the company’s losses grew to EGP 6.52 million in Q1-19, compared to EGP 2.87 million in Q1-18.