(2017-09-13) EGX ratifies Egypt Aluminum increase capital by LE550 m
The Listing Committee held on September 13, has approved Egypt Aluminum (EGAL) to publish disclosure report to conduct procedures of calling ordinary and extra-ordinary general assemblies to be convened. General assembly will review authorized capital hike to LE5 billion from LE1 billion, as well as issued and paid capital hike to LE1.1 billion with increase amounting to LE550 million at nominal value of LE4 per share. The capital increase will be through distribution 137.5 million shares (one free stock for every existing one held) at a nominal value of LE4 per share. The capital increase will be financed from profits of fiscal year 2016/2017. EGX added the company is committed to convene OGM and EGM within a month from disclosure report announcement