Arab Finance: The extraordinary general meeting (EGM) of Asek Company for Mining (Ascom) approved reducing its issued capital to EGP 487.024 million by writing off 1.297 million treasury shares, according to a bourse filing issued on July 7th.
The EGM also agreed on the amendment of Article 46 of the company's Articles of Association.
Last June, the Financial Regulatory Authority (FRA) greenlighted the company’s reduction to increase return on profitability and boost shareholders’ book value.
Ascom attributed this transaction to the expiration of the legal period for holding treasury shares scheduled for write-off.
