El Badr Plastic okays capital reduction, activity continuity
Updated 7/7/2020 2:16:00 PM
ArabFinance: El Badr Plastic Company (EBDP) decided to cut the issued and paid-up capital, by the amount of retained loss worth EGP 3,825,000, from EGP 7,650,000 to EGP 3,825,000, according to the company's July 7th statement filed to the Egyptian Exchange.
The company will cut the capital by reducing its share's par value from EGP 1 to EGP 0.5.
El Badr will later increase the issued and paid-up capital by EGP 7,650,000 from EGP 3,825,000 to EGP 11,475,000 through a capital raise subscription. The company will issue two shares for every share held at par value of EGP 0.50 as well as issuance outlays of EGP 0.01 per share.
On July 7th, the company's extraordinary general meeting approved the capital increase and the continuity of the company activity despite suffering 87% of its capital.
On the same day, the ordinary general meeting decided not to distribute annual dividends for 2019 due to the annual loss incurred.
El Badr reported net loss stood at EGP 360,109 in Quarter one (Q1) of 2020, a 24% decline from EGP 473,629 reported in Q1 2019.
Founded in 2002 and listed on EGX in 2008, El Badr specializes in providing plastic packaging solutions to meet all packaging and design needs.
