Cairo – Mubasher: The extraordinary general meeting (EGM) of Alexandria Container and Cargo Handling Company approved increasing the authorised capital to EGP 2 billion from EGP 1 billion.

The shareholders also agreed to raise the issued and paid-up capital to EGP 1.48 billion from EGP 744.87 million, according to a bourse statement.

The raise amount will be distributed over 1.48 billion shares with a nominal value of EGP 0.50 per share.

Alexandria Container will grant one bonus share for each owned share to implement the transaction.

The board members recommended the capital hike in May 2024, while the shareholders granted their approvals on 6 June.

In the first nine months (9M) of fiscal year (FY) 2023/2024, the company’s net profits hiked by 26% to EGP 4.02 billion from  EGP 3.19 billion in 9M-22/23.