Arab Finance: Lecico Egypt completed the merger of its three sanitary ware and tile manufacturing subsidiaries in Egypt into the parent company, aiming to improve operational and financial efficiency, as per an emailed press release.
Following the merger, the company set its issued capital at EGP 200 million.
Lecico also amended the nominal value of its shares to EGP 2.50, down from EGP 5.00.
The reduction in paid-in capital was carried out in line with recommendations from the General Authority for Investment and Free Zones (GAFI) Assessment Committee to write off certain investments, including those in Lebanon and the UK, as well as some current assets.
