EGX approves Orange’s EGP 15.4 capital increase

The EGX listing committee approved yesterday Orange’s request to increase its issued capital to EGP 16.4 bn from EGP 1 bn, according to an EGX filing. The EGP 15.4 bn capital increase will be by financed through a rights issue to existing shareholders. The new shares will be added to the EGX database as of 5 March. The company received regulatory approval in December, a month after the board of directors signed off on the move — which also brings authorized capital up to EGP 20 bn from EGP 3 bn.