Cairo – Mubasher: Oriental Weavers Carpet’s general assembly has approved distributing bonus shares to shareholders to increase the company’s capital.
The general assembly agreed to raise capital via distributing bonus shares at 1-for-2 shares that will be financed from the company’s reserves, according to a filing to the Egyptian Exchange (EGX) on Thursday.
In March, the household durables firm announced that it was seeking to boost its capital to EGP 665.1 million instead of EGP 443.4 million.
Oriental Weavers previously reported consolidated profits of EGP 550.23 million for the full-year 2018, versus EGP 741.7 million a year ago, including minority shareholders’ rights.
