Cairo-Mubasher: EAC Securities Brokerage (Themar) said its board recommended reducing capital from EGP 62.5 million to EGP 50 million, through decreasing the stock’s par value from EGP 1 to EGP 0.80.

The board authorised the chairman or managing director to invite shareholders for a general meeting to discuss amending articles No. 6 and 7 of the articles of association.

The company’s earnings for the first quarter of 2015 dropped by 96.2% to EGP 128,500, compared with EGP 3.8 million a year earlier.

Themar operates with EGP 62.5 million in capital, divided into 62.5 million shares at a par value of EGP 1 each.