Cairo – Mubasher: The Extraordinary General Meeting of Sidi Kerir Petrochemical Company approved the increase in issued and paid-up capital from EGP 1.26 billion to EGP 1.51 billion, an increase of EGP 252 million.
The company said in a statement to the Egyptian Stock Exchange on Wednesday that the hike is spread across 630 million shares, with a par value£2 per share, funded on last year 2021 profits, at a rate of 1 share for every 5 shares, with fractions fixed in favor of small shareholders.
The Extraordinary Shareholders’ Meeting also resolved to amend the articles 6-7 of the Company’s Articles of Association in the light of the proposed capital increase.
Interestingly, Sidi Kerir Petrochemicals, It reported £744 million in net profit from the start of January to the end of last September, compared with £358 million in profit for the same period last year.
The company’s sales rose during the nine months to £5.8 billion at the end of September, compared with £3.76 billion in the same period last year.