Cairo – The board of the General Company for Ceramic and Porcelain Products (Sheeni) proposed increasing the authorised capital to EGP 350 million from EGP 150 million.

The board also recommended raising the issued and paid-up capital to EGP 302.19 million from EGP 100.73 million, according to a bourse disclosure on Monday.

Sheeni aims to perform technical and financial restructuring through the proposed capital hike.

In addition, the board members approved splitting the stock’s par value by 10 times to stand at EGP 0.20 per share instead of EGP 2 a share.

Source: Mubasher

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