El Obour for Real Estate Investment’s rights issue oversubscribed at 100%

real estate - December 23, 2021

ArabFinance: The Commercial International Bank Egypt (CIB) (COMI) has informed the Financial Regulatory authority (FRA) that the rights issue of El Obour Company for Real Estate Investment's (OBRI) was oversubscribed at a coverage ratio of 100%, CIB announced in a statement filed to the Egyptian Exchange (EGX).

Under the rights issue, all the offered 11.75 million shares were oversubscribed at a total value of EGP 58.76 million, at a nominal value of EGP 5 per share, in addition to, issuance expenses of EGP 0.12 per share.

It is worth noting that the company’s issued capital is set to increase to EGP 88.142 million from EGP 29.38 million.

The capital increase amounts to EGP 58.76 million distributed over 11.75 million shares at a par value of EGP 5 per share.

Established in 1994, El Ebour operates within the real estate sector, focusing on diversified real estate activities.