Cairo –  The extraordinary general meeting (EGM) of Edita Food Industries has approved a capital cut to EGP 140 million from EGP 144.61 million.

The EGX-listed firm will cancel 23.04 million treasure shares at a par value of EGP 0.20, according to a bourse disclosure.

It is worth highlighting that the company’s shareholders greenlighted the capital reduction on 26 November 2023.

Earlier this month, the board members of Edita agreed to raise the issued capital of the company’s subsidiary to EGP 600 million from EGP 200 million.

During the first nine months (9M) of 2023, Edita generated EGP 1.26 billion in consolidated net profit after tax, an annual hike from EGP 673.77 million.

Sales jumped to EGP 8.75 billion in 9M-23 from EGP 5.14 billion a year earlier, while the basic and diluted earnings per share (EPS) increased to EGP 1.69 from EGP 0.94.

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