Cairo – Mubasher: Egyptian for Developing Building Materials’ (Lift Slab) board of directors has recommended raising the company’s issued capital to EGP 65.1 million from EGP 34.07 million.
The extraordinary general meeting (EGM) is set to review the EGP 31.02 million capital increase, Lift Slab said in a statement to the Egyptian Exchange (EGX) on Tuesday.
The firm’s main shareholders in the firm have been invited to participate in the capital hike subscription by issuing five million shares at a nominal value of EGP 6.20 per share, the company added.
The board also proposed to amend article 21 of the company’s articles of association, according to the statement.
It is worth noting that Lift Slab had logged EGP 383,500 in net profits during fiscal year 2018, down 80% year-on-year from EGP 1.9 million in 2017.
