The board of Egypt’s Misr Beni Suef Cement said it had proposed increasing the company’s capital by E£100m (US$16.9m) to support its capital base.

If shareholders approve the proposal, the cement maker’s capital will rise 25 per cent to E£500m, it said in a statement released by the stock exchange on Sunday.

The company said last week its 2010 net profit fell 22 per cent to E£303.9m.
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