Cairo – Mubasher: Sidi Kerir Petrochemicals Company (Sidpec) increased its issued and paid-up capital to EGP 1.81 billion from EGP 1.51 billion.
The EGP 302.40 million raise amount will be disbursed as 151.20 million free shares at a nominal value of EGP 2 per share, according to a bourse disclosure.
Sidpec will distribute the free shares at a ratio of 0.20 shares for each original share on 10 October 2024.
The company announced the capital hike on 25 September 2024, while the board members approved the transaction in August.
As of 31 March 2024, the net profits of Sidpec grew by 7.50% year-on-year (YoY) to EGP 559 million from EGP 520 million.
