Egypt’s Arab Contractors approves capital increase for up to EGP 8 billion

Egypt’s state-run construction firm Arab Contractors (AC) has approved an increase in its paid-up and issued capital to up to 8 billion Egyptian pounds ($421.8 million) from 7.5 billion pounds.

The company’s board approved the measure at a meeting on Tuesday.

The capital increase will be financed through AC’s retained profits in the 2019/2020 financial year.