Cairo – Mubasher: Arabia Investments, Development and Financial Investment Holding said Monday that the Egyptian Financial Supervisory Authority (EFSA) disapproved the extraordinary meeting’s minutes due to lack of quorum, according to a bourse statement.
Earlier, the extraordinary meeting agreed on increasing the company capital to EGP 650 million from EGP 440.243 million.
The authority decided further to exclude a18% stake belonging to shareholders who froze this amount after the official deadlines, the statement indicated.
The board of directors will convene soon to discuss all necessary procedures for the top-up according to article 33 of the law no.95.
During the third quarter of 2016, the company swung from losses into profits after registering EGP 12.3 million profits in Q3 against EGP 17.4 million losses for the year-ago period.
