Lift Slab uses EGP 70.8 million from capital increase proceeds

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The Egyptian Company for Building Industry Development “Lift Slab Egypt” used EGP 70.78 million from the proceeds from the capital increase of EGP 86.22 million, which was recorded on October 1, 2020.

The company stated that it had spent about 70.78 million pounds from the proceeds of the subscription until June 30, 2021.

The company stated that the remaining value of the capital increase proceeds amounted to about 13.4 million pounds.

And earlier, The Company’s Ordinary General Assembly ratified the election of a Board of Directors for a new 3-year term according to the cumulative vote.

The general assembly approved the appointment of Omar Ahmed Atef, Mahmoud Ahmed, Noha Mustafa and Hisham Mohamed as board members, and Mustafa Abdel Moneim as an independent board member.

The general assembly approved the report of the board of directors, the auditor and the company’s financial statements for the fiscal year ending on December 31, 2020.

The profits of the Egyptian Company for the Development of the Construction Industry “Lift Slab Misr” increased by 35.4% during the past year to reach 4.9 million pounds, compared to a net profit of 3.6 million pounds during the previous year 2019, taking into account the rights of minority shareholders.

The company’s revenues increased during the past year 2020, to reach 24.2 million pounds, compared to total sales of 11.2 million pounds in the previous year.

The Egyptian Company for the Development of the Construction Industry “Lift Slab Egypt” announced the start of trading in the company’s shares after adjusting the nominal value of the share from 1.24 pounds to 0.25 pounds, as of Thursday, March 11, through the Misr Company for Clearing, Depository and Central Registry.

The company clarified that the end of the right to the shares before adjusting the nominal value of the holder and the buyer of the share will be at the end of the trading session on Wednesday, March 10th.

She pointed out that the adjustment of the nominal value of the share came in implementation of the decision of the extraordinary general assembly in its session held on February 6 last, in which the split was approved, with the issued capital remaining the same as 140.313 million pounds.

It added that the issued capital will be distributed over 561.255 million shares after adjusting the nominal value instead of 113.156 million shares before the amendment.

She pointed out that this comes after the issuance of the Listing Committee’s decision approving the listing of the amendment in the Egyptian Stock Exchange, noting that the fractions will be redressed in favor of the small shareholders from the smallest to the largest until stocks run out.

It is noteworthy that the Board of Directors of the Financial Supervisory Authority issued Resolution No. 28 of 2021 on February 28, amending Resolution No. 11 of 2014 regarding the rules for listing and delisting securities on the Egyptian Stock Exchange.

The amendment included the addition of a third paragraph to Article 48 of the Authority’s Board of Directors Decision No. 11 of 2014, “The company that wishes to split the nominal value of its shares is obligated to notify the Authority of the justifications for this, and the company may proceed with the procedures for calling for a general assembly to consider the split decision if the Authority does not object.” Within two working days from the date of notification.

The article “Lift Slab” using EGP 70.8 million from capital increase proceeds was written in Al Borsa newspaper.