The Minister of Investment and International Cooperation Dr. Sahar Nasr handed over the capital increase papers to 7 companies at the Investor Service Center (ISC) with a total increase of EGP 1.4 billion, in presence of Head of the Investor Service Sector Mr. Yasser Abbas and Head of the Premier Service at ISC Ms. Gihan Al-Bari.
The Minister emphasized that MIIC worked constantly to develop ISC to facilitate for investors, which would contribute to the establishment of new companies and expansion of existing ones, emphasizing the significance of these companies contribution to social responsibility.
Bonyan Company for Development and Trade affiliated to Compass Company increased its capital from EGP 274 million to EGP 654 million, an increase of EGP 380 million to support its activities in the field of specialized real estate development and commercial projects, especially the Designopolis Mall in El-Sheikh Zayed.
Chairman of Compass Company Mr. Shamel Abu El-Fadl stated that increasing Bonyan Company's capital was the first step of the expansion plan announced by the company, adding that the company aimed to provide Bonyan with all necessary support to render the Designopolis Mall project a multifunctional area.
With regard to the tourism field, Chairman of Al-Rahma Company for Hotels and Tourism Motels "Old Vic" announced the increase of the company's capital from EGP 15 million to EGP 75 million, an increase of EGP 60 million to develop its hotel units.
Chairman of Upper Egypt's Company for Pharmaceutical Industries and Medical Union Pharmaceuticals (MUP) Dr. Ahmed El-Kelany pointed out that the company's capital will be increased from EGP 50 million to EGP 450 million, an increase of EGP 400 million. He noted that this increase would allow the company to increase its production of pharmaceuticals, cosmetics, nutritional supplements, children's milk, and vaccines. Medical Union Pharmaceuticals (MUP)'s capital will be increased by EGP 400 million.
As for the agricultural field, Chairman of Evergreen Company for Fertilizers and Agricultural Crops stated that the company would increase its capital from EGP 130 million to EGP 200 million, an increase of EGP 70 million to increase its capacities in the production of fertilizers, seeds and pesticides. Moreover, Mr. Ramzi Philippe Nasrallah indicated that the Wadi Groupwould increase its capital from EGP 53 million to EGP 122 million, an increase of EGP 69 million to increase its capacities in poultry production.
Further, Chairman of Arope Insurance Egypt Mr. Bashar Adnan El-Gabali indicated that the company's capital would be increased from EGP 100 million to EGP 160 million, an increase of EGP 60 million.
It is worth noting that the previous fiscal year 2017-2018 witnessed an increase in the number of companies that increased their capital by 61.6% versus the fiscal year 2016-2017, given that the number of companies reached 3478 ones.