Cairo – Mubasher: The extraordinary general meeting (EGM) of Sinai Cement agreed to increase its authorised capital to EGP 10 billion, according to a bourse filing.
The shareholders also approved raising the issued capital by EGP 1.68 billion to EGP 3.01 billion from EGP 1.33 billion through the issuance of 168.20 million shares.
It is worth highlighted that the Financial Regulatory Authority (FRA) greenlighted the transaction in January 2024, while the shareholders granted their approvals on 26 February.
During the first nine months (9M) of 2023, Sinai Cement reported consolidated net losses after tax valued at EGP 121.45 million, an annual drop from EGP 176.70 million, including minority interest.
