Cairo – Mubasher: The board of Oriental Weavers Carpet has approved to increase issued capital to EGP 675 million from EGP 450 million by distributing a 1-for-2 basis bonus shares of reserves.
The board also agreed on adjusting the Articles 6 and 7 of the company’s main system, the household durables firm said in a filing to the Egyptian Exchange (EGX) on Monday.
The company’s current issued capital amounts to EGP 450 million distributed over 450 million shares at a par value of EGP 1 per share.
Oriental Weavers Carpet has also reported a 21% year-on-year drop in consolidated profits for the first quarter of 2018, recording EGP 204.4 million from EGP 257.5 million.
Sales slid to EGP 2.5 billion in the three-month period ended last March, from EGP 2.52 billion in the prior-year period.
