ArabFinance: Foodico's (INFI) Extraordinary General Assembly (EGM) that convened on Oct. 19, approved increasing the issued capital from EGP 45 million to EGP 57.5 million, with an increase amounting to EGP 12.5 million will be financed by the existing shareholders.
The EGM also approved the issuance expenses for subscribed shareholders to the capital increase. It delegated the Board of Directors (BoD) to amend articles No. 6& 7 of the company's statute.
The BoD approved Sept. 03, 2019, the capital increase that will be distributed over 2.5 million shares, suggesting issuance expenses of EGP 312.5 million (EGP 0.0125/share).