FRA rejects nominal value split for Sheeni Egypt
Updated 9/21/2021 10:56:59 AM
ArabFinance: The Financial Regulatory Authority (FRA) has rejected the splitting of nominal value of General Company for Ceramic and Porcelain’s (Sheeni Egypt) (PRCL) stock, the FRA said in a statement.
It is worth noting that Sheeni Egypt’s board of directors previously approved to split the nominal value of the stock to EGP 0.20 per share from EGP 2, bringing the number of the company’s shares to 503.659 million, instead of 50.365 million.
On Monday, the company’s 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 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.
