Al-Babtain Power approves Egypt’s subsidiary capital hike to EGP 35 mln

Al-Babtain Power and Telecommunication Co.’s board has approved raising the capital of its 85 percent-owned subsidiary, Leblanc Egypt for Telecom Engineering from EGP 2 million to EGP 35.09 million.

Accordingly, the number of shares will be raised by 3.3 million to 3.5 million from 200,000 at EGP 10 par value, the Saudi company said in a bourse statement.

The capital hike, which is aimed to enhance the Egyptian firm’s financial position and operations, will be financed through a rights issue.

The capital increase is subject to regulatory approvals and no related parties are involved in the deal, the statement added.