Cairo – Mubasher: The Egyptian Exchange (EGX) announced that Misr National Steel (Ataqa) has submitted a request to increase its authorised, issued, paid-up capital.

Ataqa plans to raise its authorised capital to EGP 1 billion from EGP 500 million, along with increasing its issued and paid-up capital by EGP 300 million, distributed over 600 million shares at a nominal value of EP 0.5 per share, to EGP 600 million, according to a bourse statement on Wednesday.

The EGX is currently reviewing the documents to be submitted to the listing committee for approval, the statement added.

During the first quarter of 2019, Ataqa’s net profits declined to EGP 28.5 million, compared to EGP 87.45 million in the year-ago period.

Meanwhile, sales plunged to EGP 508.26 million in the three-month period ended 31 March from EGP 1.01 billion in the same period a year earlier.