Arab Finance: Canal Shipping Agencies’ (CSAG) ordinary general meeting (OGM) has approved increasing its issued capital from EGP 200 million to EGP 300 million, according to a disclosure on November 26th.
The capital will be increased via the distribution of 1-for-2 bonus shares.
The firm reported earlier a 79% year-on-year (YoY) drop in net profit after tax for the first quarter (Q1) of fiscal year (FY) 2023/2024.
Canal Shipping is a subsidiary of the Holding Company for Maritime and Land Transport that provides marine port services and shipping services to international commercial fleets.
The company operates four agencies, namely Asswan Shipping Agency, Assuit Shipping Agency, El Menia Shipping Agency, and Damanhour Shipping Agency.