Cairo – The board of directors of Prime Holding approved reducing the company’s capital by EGP 175 million and then increasing it by EGP 100 million, subject to the extraordinary general meeting’s (EGM) approval.

The company’s capital will be cut to EGP 175 million from EGP 350 million by decreasing the share’s nominal value by EGP 0.50, according to a bourse statement on Wednesday.

The capital decrease will be distributed on 350 million shares at a nominal value of EGP 0.50 per share by offsetting deferred losses of EGP 175 million as per the financial statements for the period ended 30 September 2022.

The board further approved increasing the company’s capital by EGP 100 million to EGP 275 million from EGP 175 million by issuing 200 million shares to be subscribed into by senior shareholders at a par value of EGP 0.50 per share.

During the first nine months (9M) of 2022, Prime Holding’s net losses widened to EGP 48.34 million, compared to EGP 34.76 million in the year-ago period, including minority shareholder’s rights.

In the meantime, the company’s revenues shrank to EGP 8.93 million during the January-September 2022 period, from EGP 12.20 million in the same period in 2021.

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