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CAIRO – 10 July 2017: The extraordinary general meeting of Misr Life Insurance approved raising the capital by 200 percent, according to the Official Gazette on Monday.
The capital will be increased from LE 1 billion ($55.8 million) to LE 3 billion, adding to raising the issued capital from LE 1 billion to LE 1.5 billion.
Around LE 100 million of the value of issued capital’s hike will be financed from the company’s legal reserves, LE 50 million from the statutory reserves and the rest will be paid from the deferred and the actual profits achieved in the fiscal year ended on June 30, 2017.
Moreover, the meeting approved amending Article 6 of the company’s Articles of Association to be in line with the capital hike.