ArabFinance: The Egyptian Exchange's (EGX) Listing Committee has approved the listing of an EGP 1 billion increase in authorized capital and an EGP 650.074 million increase in issued capital for Sinai Cement Company (SCEM), according to a statement by the Egyptian Exchange (EGX).

Accordingly, the company’s authorized capital will increase to EGP 2 billion from EGP 1 billion, the statement revealed.

Moreover, the issued and paid-up capital will be raised to EGP 1.33 billion from EGP 680.584 million through the issuance of 65.007 million shares at a nominal value of EGP 10 per share.

The company's shares after the capital increase will be registered on the EGX's database as of Sunday, March 20th.

Sinai Cement is engaged in the manufacture and packing of different types of cement and its related products.

The Egypt-based company also produces clinker, cement, and other related products, in addition to cement packing bags.