Financial Supervisory Authority rejects ASEC capital increase

Financial Supervisory Authority rejects ASEC capital increase
Published: 07 June 2011

The Egyptian Financial Supervisory Authority (EFSA) rejected ASEC Mining’s request to increase its capital from EGP350m to EGP450m (US$58.9m and US$75.7m) by issuing 10m shares at par value of EGP10/share, according to a report in Mubasher. The move had been approved by the Company’s Board of Directors held on 2 June, 2011.