Cairo – Mubasher: The extraordinary general meeting (EGM) of the Egyptian Chemical Industries (Kima) has given tentative approval for increasing the issued and paid-up capital by EGP 2 billion.

The capital increase will be used to cover the company’s obligations and provide the required financing for operations, Kima said in a bourse disclosure on Thursday.

In addition, the ordinary general meeting (OGM) authorised the chairman to reform the company’s board of directors.

During the first quarter (Q1) of fiscal year 2020/2021, the company incurred net losses of EGP 414.84 million, against net profits of EGP 80.1 million in the year-ago period.