CAIRO - 6 April 2022: The Financial Regulatory Authority (FRA) refused to approve the fair value report for Dice Readymade Garments Company, which was prepared by an independent financial advisor with the aim of increasing the capital.
The FRA confirmed, in a statement to the Egyptian Stock Exchange (EGX), Wednesday, that the fair value report for the purpose of increasing the capital does not comply with the financial evaluation criteria for facilities.
The fair value study came with the purpose of inviting the old shareholders to subscribe in the shares of increasing the issued capital of Dice from LE 106 million to LE 371 million.
Dice Readymade Garments achieved a net profit of LE 19.02 million from the beginning of January until the end of last September, compared to losses of LE 56.56 million during the same period last year.
The share of the parent company's shareholders during the nine months amounted to about LE 17.36 million at the end of September, compared to losses of LE 58.65 million during the same period last year.
The company's sales rose during the nine months to LE 1.1 billion at the end of September, compared to LE 837.67 million during the same period last year.