ASEC Company for Mining (ASCOM) held an extraordinary general meeting on Wednesday, in which shareholders approved the increase of the company’s capital to EGP 500 million from EGP 350 million through a rights issue.
A total of 15 million shares will be issued at EGP 10 par value each.
Original shareholders will be invited to subscribe to the rights issue pro rata.
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.
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