Cairo – Mubasher:  Egypt Aluminum’ board of directors has proposed raising issued and paid-up capital to EGP 1.65 billion, from EGP 1.1 billion through distributing 1-for-4 bonus shares.

The bonus shares will be deducted from profits of the fiscal year ended 30 June, according to a statement to the Egyptian Exchange (EGX) on Sunday.

The capital hike aims to provide more liquidity for the firm to add a new production line with a capacity of  250,000 tonnes per year.

Egypt Aluminum posted a profit of EGP 2.7 billion from July 2017 until June 2018, compared to EGP 1.7 billion during the previous fiscal year. The company's  sales amounted to EGP 13.5 billion, up from EGP 9.9 billion.