Cairo – Mubasher: The shareholders of Nile Cotton Ginning approved a proposal to increase the issued capital to EGP 529.92 million from EGP 264.96 million.

The company’s extraordinary general meeting (EGM) approved to double its capital by issuing one share for every share held at a nominal value of EGP 5 apiece, according to a bourse disclosure on Tuesday.

The capital increase and the issuance expenses, amounting to EGP 12.5 piasters a share, will be paid in cash.

The EGM also ratified the share’s fair value (FV) at EGP 35.53.