ArabFinance: Maridive and Oil Services’ (MOIL) extraordinary general meeting (EGM) has approved a cut of EGP 59.488 million of authorized capital, according to a filing to the Egyptian Exchange (EGX) on Tuesday.

Accordingly, the company’s authorized capital will be decreased from EGP 1 billion to EGP 940.511 million.

It is worth noting that Maridive incurred a consolidated net loss excluding minority interest of $78.42 million in 2021, versus a net loss of $140.61 million in 2020.

Maridive Group is an Egypt-based company engaged in the provision of offshore marine and oil support services in the Middle East and North Africa Region.