The extraordinary general meeting of El Dawlia Fertilizers and Chemicals approved on Monday increasing issued and paid-in capital by EGP 10 million through the distribution of 5 million bonus shares at 1-for-2. The bonus issue will be financed from retained earnings. The EGM also amended articles No. 6 and 7 of Articles of Incorporation. The company had posted EGP 6.83 million net profit in FY13, compared with EGP 6.4 million net profit a year earlier.
The company’s ordinary general meeting had approved on March 26 the proposed bonus share distribution at 0.5-for-1, to be financed from FY12 earnings.