The board of directors of Cairo Oils and Soap Company authorized the company’s chairman to call the ordinary and extraordinary general assembly to convene and set the agenda.
The extraordinary general assembly will discuss the continuity of the company in performing its activities after the deficit carried over in 2020 exceeded half of the shareholders’ equity.
The extraordinary assembly is also discussing reducing the licensed capital from one billion pounds to 975 million pounds, in implementation of the Board of Directors of the Financial Supervision Authority Resolution No. 138 of 2020, that the company whose shares are listed in the Egyptian Stock Exchange schedules must not exceed its authorized capital 5 times its issued capital.
The losses of the “Cairo Oils and Soap” company increased by 56.5% during the past year to reach 78.1 million pounds, compared to net losses of 49.9 million pounds during the previous year 2019, taking into account the rights of the minority shareholders.
The company’s revenues decreased during the past year 2020 to reach 52.2 million pounds, compared to total sales of 80.8 million pounds in the previous year.
The main shareholder “Consuqura for Commercial Agencies and Technical Consulting” reduced its share in the capital of “Cairo Oils and Soap” from 66.57% to 65.29%.
The company sold 500 thousand shares, with a total value of 17.28 million pounds, at an average price per share within the deal of 34.57 pounds per share.
During the first nine months of this year, the company achieved a net loss of 56.46 million pounds since the beginning of January until the end of last September, compared to 34.31 million pounds losses during the same period last year.
The article “Cairo Lubricants” invites its shareholders to discuss the continuation of the activity and the reduction of capital. It was written in the Al-Borsa newspaper.