Nile Cotton obtains FRA approval for capital increase

ArabFinance: 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 5^th 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.