ArabFinance: The board of directors of General Company for Ceramic and Porcelain (Sheeni Egypt) (PRCL) has approved to present the capital increase proposal to the extraordinary general meeting (EGM), according to a statement filed to the Egyptian Exchange (EGX).

The board proposed raising the authorized capital to EGP 350 million from EGP 150 million, as well as increasing the issued and paid-up capital to EGP 302.195 million from EGP 100.731 million, Sheeni revealed.

Moreover, the board approved the letter submitted to the Financial Regulatory Authority (FRA) regarding the approval of splitting the nominal value of the stock to EGP 0.20 per share from EGP 2.

Sheeni is an Egypt-based company engaged in the manufacture and sale of ceramic and porcelain products. It produces porcelain tableware for domestic and hotels, and antiques and vases, as well as ceramic floors and walls.