The Egyptian Exchange (EGX) announced it received on June 24 a request from Arabia Investments, Development, Financial Investment Holding Co. to approve reducing issued capital through cancelling treasury shares and amending articles of incorporation accordingly.
The company also filed a request to approve increasing issued capital through bonus share distribution.
Earlier this month, the company’s extraordinary general meeting had reviewed and approved the board and auditor’s reports, as well as financial statements for the fiscal year that ended on December 31, 2013.
The company’s FY13 profit had netted EGP 34.5 million, with a surge by 1338% compared with EGP 2.4 million net profit in FY12.
Shareholders also gave a nod to the proposed bonus share distribution at 1-for-5.
The meeting ratified the compensation contracts signed during FY13.