Nile Cotton’s EGM nods to capital hike 

Updated 9/6/2020 12:34:17 PM

ArabFinance: The shareholders of Nile Cotton Ginning (NCGC) approved, during the extraordinary general meeting (EGM) on August 24th, a capital increase by 100% or one share per each existing share, according to a September 6th disclosure to the Egyptian Exchange.

Nile Cotton’s issued capital will be raised to EGP 529.95 million instead of the previous EGP 264.96 million, at a nominal value of EGP 5 per share.

The Financial Regulatory Authority gave its green light last July for the capital hike.