Africa News - Egypt: Royal Insurance to increase capital to US$10.2 mln
Source: Middle East Insurance Review | Mar 2016
Shareholders of the privately owned Royal Insurance have given the green light for the company to increase its share capital to EGP80 million (US$10.2 million) from EGP60 million, according to its Managing Director, Mr Hassan Darwish.
He said that Royal Insurance will finance the capital increase from profits made in the last financial year ended 30 June 2015 that amounted to EGP45.5 million, reported Al Mal News.
Mr Hassan also revealed that the company would enter the aviation and oil insurance sectors in the next financial year. To do this, it will propose to shareholders that the company’s capital be raised again to EGP100 million.
EGP1 = US$0.13