Egyptian Ameriya Cement to raise capital

Egyptian Ameriya Cement to raise capital
Published: 14 April 2004

Egyptian cement company Ameriya Cement will increase its capital to E£300m ($48.7m) from E£100m($16.2m), it was reported on April 13, 2004.  The capital increase will be financed from the company’s reserves and will be carried out through a two-for-one bonus issue worth E£200m ($32.5m). The free shares will be distributed among shareholders registered by 14 April 2004. The distribution will start on 15 April 2004 through the Egyptian Misr for Clearing, Settlement and Central Depository (MCSD). The company’s newly-increased capital will be divided into 60 million shares at a par value of E£5($0.81). Ameriya Cement posted a 58.1 per cent YoY decline in net profit for 2003 to E£20.87m ($3.4m).