Cairo – Mubasher: Asek Company for Mining’s (ASCOM) shareholders approved to increase the company’s issued capital to EGP 550 million from EGP 470 million during an extraordinary general meeting (EGM).

ASCOM’s shareholders approved issuing 8 million shares at a nominal value of EGP 10 per share, with a total value of EGP 80 million to increase the company’s capital, according to a statement to the Egyptian Exchange (EGX) on Wednesday.

The rights issue shares will be traded separately from the original shares at a price to be determined by the EGX.

For the full-year 2018, the company’s losses dropped by 68.38%, logging EGP 102.82 million, compared to EGP 325.19 million in the previous year, including minority shareholders’ rights.

Revenues retreated to EGP 911.85 million last year from EGP 954.23 million in 2017.