Cairo – Mubasher: The Egyptian Exchange's (EGX) listing committee approved the authorised capital reduction of South Valley Cement Company to EGP 12 billion from EGP 20 billion.
This decision is in line with the decree of the Financial Regulatory Authority (FRA) which states that the company's authorised capital should not be more than five times its issued capital, the EGX said in a statement on Monday.
During the first quarter (Q1) of 2021, the cement producer logged net losses of EGP 35.69 million, down from EGP 41.39 million in Q1-20.
