Egypt's Nile Cotton obtains FRA approval for capital increase

The company will issue two shares for each one held at a par value of EGP 5 per each

  

Egypt - Nile Cotton Ginning Company (NCGC) obtained the Financial Regulatory Authority's (FRA) green light to raise the issued and paid-up capital by EGP 264,962,500 from EGP 264,962,500 to EGP 529,925,000, according to a July 5th statement filed to the Egyptian Exchange.

The company will issue two shares for each one held at a par value of EGP 5 per each. The increase will be allocated to existing shareholders according to their quota in the company's capital.

The increase will be paid in cash as well as issuance outlays of EGP 0.125 per share.

In the first nine months of the fiscal year 2019/2020, the company posted net profit reached EGP 38,278,286, a 21% increase from EGP 2,704,398 achieved in the prior-year period.

Nile Cotton, a subsidiary of Holding Company for International Trade and Cotton, is an Egypt-based public shareholding company that operates in the cotton and textiles sector. The unit is primarily engaged in cotton ginning, trading, and exporting.

Copyright © 2020 Arab Finance Brokerage Company All rights reserved. Provided by SyndiGate Media Inc. (Syndigate.info).

Disclaimer: The content of this article is syndicated or provided to this website from an external third party provider. We are not responsible for, and do not control, such external websites, entities, applications or media publishers. The body of the text is provided on an “as is” and “as available” basis and has not been edited in any way. Neither we nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this article. Read our full disclaimer policy here.

More From Equities