Arab Finance: Electro Cable Egypt’s (ECE) extraordinary general meeting (EGM) has approved cutting the company’s issued and paid-up capital by EGP 18.220 million via writing off 91.102 million treasury shares, according to a statement sent to the EGX on December 27th.
Thus, the capital shall be trimmed to EGP 662.708 million from EGP 680.928 million.
Electro Cable is an Egypt-based public shareholding company that operates in the electric components manufacturing sector. The company manufactures and distributes power and telecommunication cables and wires in Egypt and abroad.
Its product portfolio includes low-, medium-, and high-tension power cables, isolated cables, and telephone communication cables.