Cairo – Mubasher: Samcrete Misr on Sunday announced that the company’s extraordinary general meeting (EGM) has approved a capital increase of EGP 85 million.
Accordingly, the company’s capital will be raised to EGP 234.73 million from EGP 147.73 million, according to a statement to the Egyptian Exchange (EGX).
The capital increase will be implemented through the authorised shares represented in 1.009 billion outstanding shares and 11.36 million ordinary shares at a value of EGP 0.23 per share, Samcrete noted.
The EGM has also agreed to amend the articles 6 and 7 of the company’s articles of association, as well as assigned the chairman to take all the required procedures to amend these articles, the company added.
In January, the EGX posted that the eligibility of the company’s capital increase subscription for major shareholders was until 3 February.
It is worth noting that Samcrete Misr had previously reported a net profit of EGP 22.8 million for the three-month period ended March 2018, versus EGP 18.2 million in the same period of 2017.
