Arab Finance: Elsewedy Electric (SWDY) has submitted documents to the Egyptian Exchange (EGX) to list its EGP 1.42 million issued and paid-in capital cut, as per a bourse disclosure.

Therefore, the company will reduce its issued and paid-in capital to EGP 2.139 billion from EGP 2.141 billion.

The capital reduction will be carried out through writing off 1.422 million incentive shares at a par value of EGP 1 per share after the company’s employee incentive program expired without being renewed.

The EGX said the documents submitted by Elsewedy Electric are currently under review and are being completed ahead of presentation to its listing committee.

On May 20, the company’s extraordinary general meeting (EGM) agreed to cut its issued shares by writing off the employee stock ownership plan (ESOP) shares amounting to about 1.422 million shares, at a value of EGP 1.422 million.

Elsewedy Electric is a leading integrated energy solutions provider in Africa and the Middle East. It has a portfolio incorporating all traditional and renewable energy areas along with related services.