The extraordinary general meeting (EGM) of Misr Chemical Industries agreed to increase the authorised capital to EGP 1 billion from EGP 400 million.

The shareholders greenlighted the capital hike on 17 June, according to a bourse disclosure.

This followed the EGX-listed firm’s announced plans to develop a joint venture (JV) with an authorised capital of EGP 1 billion and issued capital of EGP 600 million.

Misr Chemical Industries will join forces with two private firms to establish a new entity that will handle the chlorine granules project.

During the July 2022-March 2023 period, the listed company’s net profits after tax amounted to EGP 435.66 million, an annual hike from EGP 148.39 million.

Basic earnings per share (EPS) increased to EGP 5.96 as of 31 March 2023 from EGP 2.03 a year earlier, while the net sales hiked to EGP 676.58 million from EGP 399.09 million.

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