Cairo – Mubasher: Oriental Weavers’ extraordinary general meeting (EGM) will discuss lowering its capital of 6.59 million shares through cancelling treasury shares on 10 September, according to a bourse filing on Monday.
The EGM will study the adjustment of articles 6 and 7 of the company’s statute.
The Egyptian firm submitted documents to decrease the issued and paid up capital from EGP 450 million to EGP 442.4 million through cancelling treasury shares, the Egyptian Exchange (EGX) said.
Oriental Weavers' board approved to lessen the issued share capital from EGP 450 to EGP 443.4 million through cancelling treasury shares, which have been kept for more than a year at the value of EGP 6.59 million.
The firm’s capital amounts to EGP 450 million distributed through 450 million shares with a par value of EGP 1 per share.
Oriental Weavers' stock closed Monday’s trading session 2.24% up to EGP 18.75.
