South Valley Cement to increase capital

South Valley Cement to increase capital
Published: 13 December 2007

The BOD of South Valley Cement (SVCE.CA) has decided on its meeting, held 08/11/2007, to invite shareholders to a rights issue to increase the companys capital from LE 1,478,766,905 to LE 2,218,150,355; implying an increase of LE 73, 938, 3450, distributed over 147,876,690 shares at LE 5 Par Value and without issuance fees, each shareholders has the right to subscribe to 50 % of his/her original shares.  
 
The capital increase proceeds will be allocated to Beni Suef cement plant, and contributing with 46 % share in Asyut cement plant in partnership with Egyptian Kuwaiti Holding.  
 
The companys BOD will hold another meeting to call for the rights issue without holding an AGM as the capital increase in within the limits of the companys authorized capital.