ArabFinance: The Financial Regulatory Authority (FRA) has approved to publish the disclosure on Cairo Oils and Soap’s (COSG) board decision to reduce its issued and paid-up capital to EGP 39 million from EGP 195 million, according to a statement filed to the Egyptian Exchange (EGX).

The capital decrease will be carried out through cutting the nominal value of the company’s stock to EGP 0.10 from EGP 0.50.

Additionally, the FRA also agreed on the capital increase to be implemented after the completion of the capital decrease process.

The company will raise its issued capital to EGP 234 million from EGP 39 million, with the increase to be financed through the rights issue subscription.

Cairo Oils, a subsidiary of the Holding Company for Food Industries, is an Egypt-based holding company engaged in the manufacture, processing, packaging, import, export, and distribution of different types of seeds for the production of oil and soap.

The company primarily uses cotton seeds and soya beans for processing and producing cooking oil, soap, and detergent products under several brands.