ArabFinance: Al Ezz for Ceramics and Porcelain (Gemma) obtained the Financial Regulatory Authority’s (FRA) go-ahead to increase its issued capital by EGP 11,485,230, according to a statement filed to the Egyptian Exchange.
The company intends to increase its capital from EGP 255,227,335 to EGP 266,712,565, to be financed from retained profits recorded as at December 31st 2019.
The company will distribute a 0.045 free share per each one held.
Gemma attributed the move to the rise in the trading value and volume of its shares.
Established in 1989, Gemma has become the leading manufacturer of high-end Ceramic and Porcelain tiles in Egypt and the Middle East.