Arab Finance: Egyptian Modern Education Systems (MOED) extra-ordinary general assembly was convened on 05/09/2016.
EGM ratified issued and paid capital hike from LE8,893,234 to LE 16,008,234 with increase amounting to LE7.115 million.
Capital hike will be distributed over 7.115 million shares, at nominal value of LE1 per share.
Capital hike will be funded from profits of fiscal year ending June 2016 as well as delayed profits.
It is worth mentioning the capital increase will be through distribution of eight free stocks for every existing ten held.
EGM also approved amending fiscal year to start on July 1 and end on June 30.
Moreover, EGM ratified Board of Directors decision concerning expansion of investments, purchasing assets of LE29 million and profits distribution suggestion.
Source: EGX & Arab Finance editor