The board of ASEC Company for Mining (ASCOM) has approved on Sunday an increase in issued capital to EGP 500 million from EGP 350 million through issuing secondary shares at par value.
The chairman and managing director were empowered to invite shareholders to attend an extraordinary general meeting to look into the decision.
ASCOM had posted EGP 5.9 million consolidated net loss for the nine-month period that ended on September 30, 2014, narrowing 88% from EGP 48.3 million reported in the same period a year earlier.
Standalone financial results for the same period showed EGP 12.3 million profit, against EGP 3.1 million loss in the first nine months of FY13.
The company’s consolidated financial statements for the six-month period that ended on June 30, 2014 had shown that net loss deepened 6% to EGP 18.8 million from EGP 17.8 million in the same period a year earlier.
H1 standalone financial statements mirrored EGP 17.7 million net profit, compared with EGP 8.5 million net profit in H1-13.
The company had posted EGP 13.435 million net losses for Q1, versus EGP 6.324 million net profits in the same period a year earlier.
The company’s FY13 net loss reached EGP 65.860 million, compared with EGP 90.037 million net.