Electro Cable’s EGM OKs capital cut

Updated 4/18/2023 1:48:00 PM
Electro Cable’s EGM OKs capital cut

Arab Finance: Electro Cable Egypt’s (ECE) extraordinary general meeting (EGM) has approved cutting the company’s issued and paid-up capital by EGP 30.518 million via writing off 152.59 million treasury shares, according to a statement sent to the EGX on April 18th.

Thus, the capital shall be trimmed to EGP 680.93 million from EGP 711.44 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.

 

Related News