Cairo –  The extraordinary general meeting (EGM) of Sidi Kerir Petrochemicals (Sidpec) approved raising the company’s issued and paid-up capital to EGP 1.51 billion from EGP 1.26 billion.

The EGP 252 million capital increase will be distributed among 630 million shares at a nominal value of EGP 2 per share and will be financed from fiscal year (FY) 2021 profits, according to a bourse disclosure.

In April 2022, the company’s board approved the said raise.

During the first nine months (9M) of 2022, Sidpec reported a 107.82% annual surge in net profits after tax at EGP 744 million, compared to EGP 358 million in the same period in 2021.

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