Cairo – Mubasher: The extraordinary general meeting (EGM) of Elsewedy Electric Co approved reducing the company’s issued and paid-up capital by cancelling 13.40 million treasury shares with a nominal value of EGP 1 per share and a total value of EGP 13.40 million.
The EGX-listed company will cut its issued and paid-up capital to EGP 2.17 billion from EGP 2.18 billion, according to a bourse statement on Wednesday.
It is worth mentioning that during the first half (H1) of 2022, Elsewedy Electric reported EGP 2.02 billion in its consolidated net profits after income tax, compared to EGP 1.74 billion in H1-21.
