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Misr Cement shareholders ratify FY2017 results, capital hike

Misr Cement shareholders ratify FY2017 results, capital hike

ArabFinance: Misr Cement (Qena) (MCQE) declared in a statement sent to EGX, the ordinary and extraordinary general assembly was convened on March 28. 

The OGM approved the financial results for the fiscal period ending December 2017, as well as the profit distribution suggestion attributable to shareholder at 0.2 free stock for every underlying stock. It also approved signing netting contracts with LE246 million with Misr Insurance, Asec Cement, and South Upper Egypt Bags Manufacturing Company at LE6 million, LE110 million, and LE130 million, respectively. 

The EGM ratified issued and paid capital hike to LE720 million from LE600 million financed from delayed profits as well as the authorized capital hike to LE1.5 billion from LE600 million. Moreover, the EGM approved amending article No. 6 and 7 of the articles of association. 

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