CAIRO: Textile firm Arab Polavara plans to raise LE 234 million ($41 million) through a rights issue that will double its existing shares, the stock exchange said on Tuesday. The 46,843,280 new shares would be offered to existing shareholders at LE 5 each, the exchange said. It said that Polavara would allow shareholders to buy one new share for every share owned, but could open the issue up for further subscription by shareholders if the issue is not fully subscribed by the Oct. 9 end date. The shares last traded 16 percent higher at LE 9.95. The stock exchange said the offer would be open to those who own shares at the close of trade on Sept. 7, and the subscription period will start on Sept. 10. Stock exchange procedures require companies to list new shares on the market within three months of the end of the rights issue, an official at the exchange said. Reuters
Polavara to raise $41 million in rights issue
