Oriental Weavers Carpet >>>> The Financial Regulatory Authority (FRA) has approved Oriental Weavers Carpet’s proposal to raise its issued capital by EGP 221.7 million.
Accordingly, the issued capital will be raised to EGP 666.1 million from EGP 443.4 million, Oriental Weavers said in a statement to the Egyptian Exchange (EGX).
The capital increase will be implemented through the issuance of 221.7 million shares at a par value of EGP 1 per share.
In April, Oriental Weavers Carpet’s ordinary general meeting (OGM) had approved the distribution of bonus shares to shareholders to boost the company’s capital.
During the first half of 2019, the company’s net profit stood at EGP 461.83 million, compared to EGP 326.39 million in H1-18, including minority shareholders’ rights.