Cairo-Mubasher: Cairo Poultry Co. said it obtained the approval of its extraordinary general meeting on reducing the stock’s par value to EGP1 from EGP 2 per share.

Shareholders also approved amending articles of incorporation accordingly, the company added in a bourse filing Sunday.

Thus, the company’s total number of shares was raised to 348.4 million from 174.2 million shares. Issued and paid-in capital will amount to EGP 348.4 million.

The company posted previously a 27% decline year-over-year in net profits for 2014 to EGP 170 million.