Cairo –   Arabia Investments, Development and Financial Investment Holding Co (AIND) on Sunday announced that its board had approved cutting the company’s issued capital to EGP 144.16 million instead of EGP 480.5 million.

The decision aims to offset the company’s losses, according to the firm’s statement to the Egyptian Exchange (EGX).

To this end, the board also approved decreasing the authorised capital to EGP 1.4 billion from EGP 6 billion.

Earlier this year, Arabia Investments announced plans to start a restructuring process by the end of the second quarter of 2018.

The EGX-listed firm also targets a revenue of EGP 1.5 billion during the full-year 2018, the statement showed.

It is worth noting that the company announced turning to a profit for the first half of 2018, as compared with the same period a year earlier.

Arabia Investments logged a consolidated profit of EGP 46.92 million during the six-month period ended June, against EGP 16.3 million in losses in H1-17.

As for the standalone business, the Egyptian firm turned to loss after incurring EGP 4.63 million in H1-18, versus a profit of EGP 1.42 million for H1-17.

Source: Mubasher

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