Cairo – Mubasher: The ordinary general meeting of Electro Cable approved 2015 financial results, while the board of directors recommended increasing the company’s capital via 1-for-20 bonus shares distribution.
The ordinary meeting looked into the proposed capital raise to EGP547.3 million from EGP512.2 million through bonus share distribution, on which the shareholders will vote later after the company fulfills the necessary legal procedures.
The ordinary meeting also agreed on the latest reshape of the board and the discharge of board member from liability for 2015.
Moreover, the ordinary meeting approved the reports of the board and auditor as well as the financial statements for the fiscal year 2015.
The company’s annual profits declined 34% year-over-year to EGP27.17 million from EGP41.39 million
