Cairo – The Egyptian Exchange’s (EGX) listing committee approved a the rights issue request of Oriental Weavers Carpet to raise its paid-up and issued capital to EGP 665.1 million from EGP 443.10 million.

The company will distribute 0.5 bonus shares for every share held among shareholders owning shares until the end of 18 March, the EGX said in a statement on Wednesday.

Bonus shares will be listed on 19 March, according to the statement.

In April, Oriental Weavers Carpet’s ordinary general meeting (OGM) approved the distribution of bonus shares to shareholders to increase its capital to EGP 665.1 billion through a bonus issue.

For the full-year 2019, Oriental Weavers Carpet reported net profits of EGP 855 million, compared to EGP 550.23 million in the previous year, including minority shareholders’ rights.

Source: Mubasher

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