The company is conducting financial and economic studies for an expansion project with a production capacity of 250,000 tons per year.
The company’s issued capital will be raised to LE 630.6 million up from LE 504.6 million through bonus shares issue.
Around LE 580 million of the proceeds will be used to support the acquisition of a hospital of around 150 beds, according to a filing on the Egyptian Exchange (EGX).
The ordinary general meeting of the Commercial International Bank (CIB) approved raising the issued and paid-in capital from LE 11.62 billion to LE 14.5 billion.
Misr Cement - Qena net profits plunged 172 percent year-on-year to LE 50.6 million ($2.8 million) in the fiscal year 2016/17 from LE 137.5 million.