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 million.
Accordingly, the number of shares will be raised to 3.3 million from 200,000, 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.
No related parties are involved in the deal, the statement added.
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