Cairo – Mubasher: EGX listing committee gave Reacap Financial Investments the green light to reducing its capital as per a bourse filing issued on Wednesday.

The company thus has to hold the extraordinary general meeting within a month as of disclosure statement’s date, the bourse filing indicated.  

Capital will be decreased by EGP 15 million to EGP 530.9 million from EGP 545.9 million, the bourse filing revealed.

Accordingly, three million shares at a par value of EGP 5 each will be delisted, which were bought as treasury shares on 12 November 2015.

In the first quarter of 2016, Reacap, in which Naeem holding owns a 47% stake, registered a net profit of EGP 3.4 million, up 76.3% year-over-year from EGP 14.33 million.

Over 2015, the company earned EGP 104.23 million, against a net loss of EGP 43.15 million in 2014.