Sinai Cement

Sinai Cement : EGM ratifies capital hike by LE680 m

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11/19/2017 | 03:47 pm

ArabFinance: Sinai Cement (SCEM) declared in a statement sent to EGX, it called the ordinary and extraordinary general assemblies to be convened on November 18. The OGM ratified Board of Directors structure with amendment, Moreover, the EGM approved amending the authorized capital to LE2 billion from LE1 billion, due to the issued capital excessed the authorized capital amount. The EGM also approved capital hike to LE1,361,168,860 from LE680,584,430 with increase amounting to LE680,584,430. Capital increase is distributed over 68,058,443 shares at the nominal value of LE10 per share with the issuance fees. The company said the capital hike will be through subscription by trading the right issue separately from the original stock. The company added the subscription will be run for one phase for all shareholders.

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