Cairo – Mubasher: Alexandria Mineral Oils Company (AMOC) said on Sunday that it would convene with AXENS to put down the final modifications for its middle distillates dewaxing units (MDDUs), with an estimated cost of $50 million, by mid-September 2017.

AXENS performed two operational tests on the proposed modifications, AMOC announced in a statement to the Egyptian Exchange (EGX), adding that the technical report and the test results are currently under review.

Once the modifications are agreed on, the project will be funded by increasing the company’s capital by EGP 430.5 million through issuing half a bonus share for every original share held, funded by the general reserve, the company said.

The rest of the fund will come through the company’s foreign currency cash flows and the shareholding banks, the company added.

AMOC’s capital amounts to EGP 861 million spread across 861 million shares at a nominal value of EGP 1.

The company’s profits increased to EGP 1.1 billion in fiscal year 2016/2017 versus EGP 435.4 million in the previous year.

Earlier at 11:20 am, the company’s stock surged 0.28% to EGP 10.65, with a trading value of EGP 1.36 million.