Cairo – Mubasher: The board of directors of Kafr El Zayat Pesticides and Chemicals Co. approved splitting the share’s nominal value to EGP 1 from EGP 10, subject to the approval of the Financial Regulatory Authority (FRA).
Following that procedure, the company’s authorised capital will be increased to EGP 500 million from EGP 200 million, after obtaining the FRA’s approval, according to a bourse statement on Sunday.
Afterwards, the company’s issued and paid-up capital will be hiked by EGP 60.02 million to EGP 180.06 million from EGP 120.04 million, after getting the FRA’s go-ahead. The capital raise will be distributed on 60.02 million shares at a nominal value of EGP 1 per share.
The board’s decisions were made during a meeting held on Thursday, 13 October 2022.
