Cairo – Mubasher: The extraordinary general assembly of Sidi Kerir Petrochemical Company approved increasing the 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 today, Wednesday, that the increase is distributed over 630 million shares, with a nominal value2 pounds per share, financing from the profits of last year 2021, at the rate of 1 share for every 5 shares, with fractions being fixed in favor of small shareholders.
The Extraordinary General Assembly also agreed to amend Articles 6-7 of the Company’s Articles of Association in light of the proposed capital increase.
It is noteworthy that Sidi Kerir Petrochemicals, It recorded a net profit of 744 million pounds from the beginning of January until the end of last September, compared to 358 million pounds in profits during the same period last year.
The company’s sales rose during the nine months to 5.8 billion pounds at the end of September, compared to 3.76 billion pounds during the same period last year.