Cairo – Mubasher: The extraordinary general meeting (EGM) of Kafr El Zayat Pesticides and Chemicals Co. approved unanimously splitting the share’s nominal value to EGP 1 from EGP 10, during a meeting on 18 December 2022. 

Following this procedure, the number of shares will stand at 120.04 million shares, according to a bourse filing on Sunday.

The EGM further approved increasing the company’s authorised capital to EGP 500 million from EGP 200 million. 

In addition, it greenlighted raising the issued and paid-up capital by EGP 60.02 million to EGP 180.06 million from EGP 120.04 million. The capital raise will be distributed on 60.02 million shares at a nominal value of EGP 1 per share.

On 16 October 2022, the company’s board of directors approved the stock split step.  

During the first nine months (9M) of 2022, the EGX-listed firm logged EGP 80.98 million in net profits, compared to EGP 59.30 million in 9M-21, including minority shareholders’ rights.