Cairo – Mubasher: The board of directors of Alexandria Mineral Oils Co (AMOC) on Thursday approved to increase the company’s issued share capital to EGP 1.29 billion.

The board agreed to increase the issued share capital through issuing 430.5 million bonus shares, with a nominal value of EGP 1 to be funded from the public reserve on 30 June 2017, equivalent to half a bonus share for each original share, according to a filing to the Egyptian Exchange (EGX) on Sunday.

In fiscal year 2016/2017, the company achieved profits of EGP 1.1 billion, versus losses of EGP 435.4 million in the prior fiscal year.

The board suggested distributing cash dividends of EGP 0.75 per share for the profits of FY16/17.

AMOC’s share capital amounts to EGP 861 million distributed over 861 million shares, with a par value of EGP 1 per share.