Egypt: Elsewedy Electric’s EGM nods to capital cut via ESOP share write-off

Arab Finance: Elsewedy Electric’s (SWDY) extraordinary general meeting (EGM) has agreed to cut the company’s issued shares by writing off the employee stock ownership plan (ESOP) amounting to about 1.422 million at a value of EGP 1.422 million, according to a disclosure.

Following the capital cut, the issued capital shall be EGP 2.139 billion.

The EGM also endorsed the amendment of articles 6 and 7 of the company’s Articles of Association.