Cairo – Mubasher: Sinai Cement received the approval of the Financial Regulatory Authority (FRA) to proceed with the capital hike procedures under the board’s proposal in May 2023.
The EGX-listed firm plans to raise its authorised capital to EGP 10 billion from EGP 2 billion, according to a recent bourse statement.
Sinai Cement also intends to increase the issued capital by EGP 1.68 billion to EGP 3.01 billion from EGP 1.33 billion through the issuance of 168.20 million shares.
In the first nine months (9M) of 2023, the company suffered consolidated net losses after tax valued at EGP 121.45 million, lower year-on-year (YoY) than EGP 176.70 million, including minority interest.
As for the standalone business, the non-consolidated net losses after tax plummeted to 108.87 million in 9M-23 from EGP 172.55 million in 9M-22.
