Cairo – The extraordinary general meeting (EGM) of Asec Company for Mining (ASCOM) approved the proposed changes to the company’s plan regarding using proceeds from the issued capital raise.
The company’s shareholders agreed to use the total value of the proceeds in meeting the company’s obligations towards other parties, according to a bourse disclosure on Tuesday.
The mining company's issued capital has been increased to EGP 550 million from EGP 470 million.
In addition, the ordinary general meeting (OGM) approved the appointment of Haitham Abdel Nabi (Haitham Hilal Audit Office) as a second auditor for the company’s 2020 financial statements.
During the first nine months of 2020, ASCOM’s losses widened by 1,285% to EGP 93.48 million from EGP 6.74 million in the year-ago period, including minority shareholders’ rights.
Source: Mubasher
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