Cairo – Mubasher: The board of directors of Middle East Glass Manufacturing Co. decided to cancel its plan to raise its issued capital to EGP 83.12 million due to the repercussions of the coronavirus (COVID-19) outbreak.
The decision will be referred to the company’s extraordinary general meeting (EGM) for approval, according to a bourse disclosure on Monday.
In November 2019, the company’s EGM approved a decision to increase the company’s issued capital by EGP 32.8 million to EGP 83.12 million from EGP 50.32 million.
During the January-September period of 2019, the company’s net profits jumped to EGP 173.76 million from EGP 25.35 million in the year-ago period, including minority shareholders’ rights.
