Cairo – Mubasher: The Financial Regulatory Authority (FRA) has rejected a request submitted by the General Company for Ceramic and Porcelain Products (Sheeni) to split the nominal value of the stock, according to a statement to the Egyptian Exchange (EGX) on Tuesday. 

On Monday, the company’s board of directors proposed raising the authorised capital to EGP 350 million from EGP 150 million and the issued and paid-up capital to EGP 302.19 million from EGP 100.73 million. 

The board also agreed on splitting the stock’s par value by 10 times to stand at EGP 0.20 instead of EGP 2.

In fiscal year (FY) 2020/2021, Sheeni incurred net losses of EGP 15.68 million, down from EGP 54.3 million a year earlier.