Egypt: Elsewedy Electric’s shareholders nod capital cut

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Elsewedy Electric will shrink the capital to $44mln

Staff Writer, Mubasher

April 23, 2024

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Cairo – The ordinary general meeting (OGM) of Elsewedy Electric Company agreed to disburse EGP 0.50 per share as a cash dividend for 2023.

The company will pay out a total amount of EGP 1.06 billion to the eligible equityholders of Elsewedy Electric, according to a bourse disclosure.

Meanwhile, the extraordinary general meeting (EGM) of the company approved, in 18 April 2024 meeting, to reduce the issued and paid-up capital by EGP 30 million by cancelling 30 million treasury shares at a par value of EGP 1 per share.

Therefore, Elsewedy Electric will shrink the capital to EGP 2.14 billion from EGP 2.17 billion, while the authorised capital will stand at EGP 5 billion.

The company achieved consolidated net profits worth EGP 10.11 billion in 2023, while its revenues totalled EGP 152.18 billion.

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