Asec Company for Mining’s (ASCOM) ordinary general meeting (OGM) approved reducing the company’s issued capital by EGP 50 million to EGP 500 million.

The capital cut will be conducted through writing off 5 million treasury shares, according to a bourse filing.

ASCOM posted a consolidated net profit after tax of EGP 2.25 billion during the first nine months (9M) of 2023, up from EGP 118.24 million in the comparative period a year earlier.

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