International Company for Medical Industries (ICMI) has invited shareholders to attend an extraordinary general meeting (EGM) on Saturday, November 15, 2014, to look into ratifying the capital increase by EGP 6,400,000 (6,400,000 shares) from EGP 5,600,000 to EGP 12,000,000.
Articles of incorporation No. 6 and 7 will be amended accordingly.
The company announced earlier it obtained the approval of the securities listing committee of the Egyptian Exchange (EGX) to proceed with increasing issue capital.
The company’s board approved on Wednesday, October 15, increasing the company’s capital from EGP 5.2 million to EGP 12 million.
The capital increase will be divided into 6.4 million shares at EGP 1 par value each. It will be financed from accounts payables as shown in statement of financial position on August 31, 2014.
The increase will be effected through a rights issue for original shareholders according to priority rights.
The board had previously ratified financial highlights for H1-14, showing that net profit fell 15.1% to EGP 160.08 thousand, compared with EGP 188.557 thousand in the same period a year earlier.
Q1 net profit amounted to EGP 54 thousand, compared with EGP 73 thousand in Q1-13.