Cairo – Mubasher: The Financial Regulatory Authority (FRA) approved publishing the disclosure form submitted by Prime Holding to conduct procedures for issued capital decrease and increase.
The issued capital of EGX-listed Prime Holding will be cut to EGP 175 million from EGP 350 million by decreasing the share’s nominal value to EGP 0.50 from EGP 1, according to a recent bourse statement.
Afterward, the company will hike its capital to EGP 275 million from EGP 175 million.
In November 2022, Prime Holding’s board approved reducing the company’s capital by EGP 175 million and then increasing it by EGP 100 million.
During the first nine months (9M) of 2022, Prime Holding’s net losses widened to EGP 48.34 million, compared to EGP 34.76 million in the year-ago period, including minority shareholder’s rights.
In the meantime, the company’s revenues shrank to EGP 8.93 million during the January-September 2022 period, from EGP 12.20 million in the same period in 2021.
