Cairo – Mubasher: Sinai Cement has announced that senior shareholders have subscribed to 75.95% of its capital hike offering in the first phase.

Out of 168.20 million offered shares, senior shareholders subscribed to 127.74 million shares at a nominal value of EGP 10 per share, according to a bourse filing.

Sinai Cement stated that it will not launch the second phase of the offering.

In February 2024, the company’s extraordinary general meeting (EGM) nodded for increasing the issued capital by EGP 1.68 billion to EGP 3.01 billion from EGP 1.33 billion through the issuance of 168.20 million bonus shares.

In the first quarter (Q1) of 2024, Sinai Cement shifted to a consolidated net profit of EGP 301.11 million, compared to a net loss of EGP 58.47 million in the same quarter a year earlier.