Cairo – Mubasher: The extraordinary general meeting (EGM) of Middle East Glass Manufacturing Co. decided to retract its decision to raise its issued capital to EGP 83.12 million.
The decision was ascribed to the economic disruption caused by coronavirus (COVID-19), according to a bourse disclosure on Sunday.
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.
It is noteworthy to mention that in 2019, the company achieved net profits of EGP 157.55 million, down from EGP 250.17 million in 2018.
