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Cleopatra Hospitals Group’s board approves capital cut via treasury share cancellation

Cleopatra Hospitals Group’s board approves capital cut via treasury share cancellation
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Cleopatra Hospital
CLHO
-5.52% 5.31 -0.31

Cairo – Mubasher: The board of directors of Cleopatra Hospitals Group (CHG) approved the disclosure report to cut the company’s issued capital to EGP 722.71 million shares (1.44 billion shares), from EGP 800 million (1.60 billion shares).

The EGP 77.28 million capital reduction will be carried out by cancelling 154.56 million treasury shares, according to a bourse filing on Wednesday.

The report will be referred to the Financial Regulatory Authority (FRA) and the extraordinary general assembly (EGM) for approval.

In the first nine months (9M) of 2022, Cleopatra Hospitals Group reported a 7% year-on-year (YoY) decline in consolidated net profits to EGP 267.14 million from EGP 288.11 million in the same period of 2021.

As for the standalone business, the company's profits reached EGP 167.38 million in the January-September period of 2022, compared to EGP 204.74 million in the corresponding period of 2021.