Cairo - Mubasher: The extraordinary general meeting (EGM) of Maridive & Oil Services approved a decision to slash the authorised capital to stand at five times the issued capital. 

The authorised capital will be reduced to $940.51 million from $1 billion in compliance with article no. 10 of the listing and delisting rules of the Egyptian Exchange (EGX), the company said in a bourse disclosure on Tuesday. 

During the first quarter (Q1) of 2021, Maridive & Oil Services reported net losses of $19.8 million, down from $28.3 million in Q1-20.