Cairo – Mubasher: The extraordinary general meeting (EGM) of Alexandria Spinning and Weaving (Spinalex) has agreed to raise issued and paid-up capital to EGP 641.4 million from EGP 596.4 million.

The EGM has approved a capital increase of EGP 45 million at a nominal value of EGP 2 per share, the company said in a filing to the Egyptian Exchange (EGX) on Wednesday.

It also decided to amend articles 6 and 7 of the company’s articles of association, according to the filing.

Spinalex last posted a turn to losses during the first half of fiscal year 2017/2018 with EGP 4.19 million, versus profits of EGP 19.3 million in H1-16/17.

The company’s current capital amounts to EGP 596.4 million now, distributed over 298.2 million shares at a par value of EGP 2 per share.