Cairo Oil approves capital cut
Updated 11/1/2021 12:14:02 PM
ArabFinance: The extraordinary general assembly of Cairo Oils and Soap (COSG) approved issued and paid-in capital cut, according to the company’s recent statement to the Egyptian Exchange (EGX).
The company will cut its capital to EGP 39 million from EGP 195 million through cutting the nominal value of the company’s stock to EGP 0.10 from EGP 0.50.
On September 29th, the company received the Financial Regulatory Authority’s (FRA) approval to publish the disclosure regarding the capital cut.
Additionally, the FRA also agreed on the capital increase to be implemented after the completion of the capital decrease process.
The company will raise its issued capital to EGP 234 million from EGP 39 million, with the increase to be financed through the rights issue subscription.
Cairo Oils, a subsidiary of the Holding Company for Food Industries, is an Egypt-based holding company engaged in the manufacture, processing, packaging, import, export, and distribution of different types of seeds for the production of oil and soap.
The company primarily uses cotton seeds and soya beans for processing and producing cooking oil, soap, and detergent products under several brands.
