Spinalex’s EGM greenlights capital hike

Updated 2/24/2025 9:56:00 AM
Spinalex’s EGM greenlights capital hike

Arab Finance: Alexandria Spinning and Weaving Company’s (Spinalex) extraordinary general meeting (EGM) agreed to increase its issued capital to EGP 721.441 million from EGP 641.281 million, as per a bourse disclosure.

The company will raise its capital by EGP 80.160 million distributed over 40.08 million shares, with a nominal value of EGP 2 per share.

The capital hike will be financed from the company's retained earnings per the period ended June 30th, 2024.

In the first half (H1) of fiscal year (FY) 2024/25, the EGX-listed firm’s net profits plunged by 94% to EGP 4.152 million from EGP 73.709 million in H1 FY2023/24.

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