MAPNA Group has announced plans to double its capital through settled claims, cash contributions, and retained earnings.
Ahmadreza Farast, the Economic and Financial Deputy of MAPNA Group, outlined the plan in a letter to the Securities and Exchange Organization.
According to the plan, the conglomerate is seeking to increase its capital from 60 trillion rials (nearly 101 million USD) to 120 trillion rials (202 million USD).
He stated that the proposal was discussed during the company’s Extraordinary General Assembly on August 6, 2024, and a justification report is being prepared to explain the necessity of the increase.
The capital boost will come from 30 trillion rials in shareholder contributions and settled claims and another 30 trillion rials from retained earnings.
Once the justification report is ready, MAPNA Group will obtain approvals from independent auditors and the Securities and Exchange Organization. An extraordinary general assembly meeting will follow to finalize the process.