Cairo – Mubasher: The extraordinary general meeting (EGM) of the Egyptian Chemical Industries (Kima) approved a decision to increase its authorised capital to EGP 8 billion from EGP 6 billion.
In addition, the paid-up and issued capital will also be raised to EGP 6.46 billion from EGP 4.46 billion through the issuance of 400 million shares valued at EGP 2 billion or EGP 5 per share, in addition to issuance expenses of EGP 0.05, the company said in a bourse disclosure on Wednesday.
During the first quarter (Q1) of fiscal year 2020/2021, the company incurred net losses of EGP 414.84 million, against net profits of EGP 80.1 million in the year-ago period.
