Cairo – Mubasher: The ordinary general meeting (OGM) of EFG Hermes has approved to transfer EGP 768.6 million of legal reserve to the capital increase account.
The OGM has also approved to raise capital to EGP 3.84 billion from EGP 3.07 billion through distributing a 1-for-4 basis bonus shares, the company said in a filing to the Egyptian Exchange (EGX) on Sunday.
The OGM agreed to retain EGP 89.6 million in profits for 2019, as well as adjusting Articles 6 and 7 of the company’s main system in light of the capital increase.
EFG Hermes’ capital before the increase amounted to EGP 3.07 billion distributed over 614.8 million shares at a par value of EGP 5 per share.
