Misr Beni Suef Cement’s EGM nods to capital cut
Updated 3/27/2023 10:46:00 AM
Arab Finance: Misr Beni Suef Cement Company’s (MBSC) extraordinary general meeting (EGM) has greenlit a cut to the firm’s issued and paid-up capital by EGP 70.712 million via writing off 7.071 million shares, according to a statement filed to the Egyptian Exchange (EGX) on March 27th.
Accordingly, the company’s issued and paid-up capital shall be decreased to almost EGP 679.288 million from EGP 750 million.
The capital shares after cut shall amount to 67.928 million shares at par value of EGP 10 per share.
It is worth noting that the company turned to losses in 2022, incurring EGP 145.94 million.
Established in 1997, MBSC operates within the materials sector focusing on construction materials. It started production in 2003 with a plant of one cement production line. In 2006, the company built one new cement production line.
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