Cairo – Mubasher: The extraordinary general meeting (EGM) of Acrow Misr for Scaffolding and Formwork (ACRO) has approved to raise the company’s authorised capital to EGP 1 billion from EGP 500 million.

The EGM has also agreed to boost the company’s issued and paid-up capital by EGP 220.22 million to EGP 550.55 million from EGP 330.33 million, ACRO added in a statement to the Egyptian Exchange (EGX) on Sunday.

The capital increase will be distributed over 22.02 million bonus shares financed by retained profits and 2018 profits, the company noted.

The capital hike will be implemented through the distribution of 2-for-3 basis bonus shares, according to the statement.

Moreover, the EGM has endorsed the amendment of articles 6, 8, 21, 26, 43, 45, and 53 of the company’s article of associations.

Meanwhile, the ordinary general meeting (OGM) has approved the financial statements and the board’s report on the company’s business for the full-year ended 31 December 2018, as well as nodded to the distribution of 2-for-3 basis bonus shares, ACRO highlighted.

The OGM has also agreed to cancel its previous decisions regarding the board’s declaration of signing a netting contract with Sun Power for Renewable Energy to purchase up to 40% stake in Sun Infinite Renewable Energy, the company said.

In the full-year 2018, ACRO reported an EGP 190.48 million in consolidated profits, versus EGP 147.15 million a year earlier.