Cairo – Mubasher: Al Ezz Dekheila Steel – Alexandria announced that its shareholders approved increasing the company’s authorised capital to EGP 4 billion from EGP 1.5 billion during an extraordinary general meeting (EGM).

In addition, shareholders also approved raising the company’s issued capital by EGP 1.217 billion to EGP 2.553 billion from EGP 1.336 billion, according to a statement to the Egyptian Exchange (EGX) on Monday.

The capital increase will be distributed over 12.175 million shares at the share’s fair value estimated at EGP 1,176 at a nominal value of EGP 100 a share, in addition to EGP 1,076.85 per share as a bonus issue, the statement added.

Afterwards, the steel manufacturing firm's shareholders approved increasing the company’s issued capital by EGP 82.479 million to EGP 2.636 billion from EGP 2.553 billion. 

The additional capital raise will be distributed over 824,798 shares at the share’s fair value estimated at EGP 1,176 at a nominal value of EGP 100 a share, besides EGP 1,076.85 a share as a bonus issue. 

This step came as part of Al Ezz Dekheila Steel – Alexandria’s acquisition of an additional stake of 56% in Ezz Flat Steel (EFS) and 100% stake in Ezz Rolling Mills (ERM).

During the first quarter of 2019, Al Ezz Dekheila Steel – Alexandria turned to a loss of EGP 611.02 million, versus a profit of EGP 431.78 million in Q1-18.