The shareholders of The Egyptian for Developing Building Materials Co. (Lift Slab Misr) approved increasing the company’s capital and working on real estate and contracting activities, according to a Sunday statement.
Lift Slab’s board agreed on increasing the company’s issued capital by EGP 43m to reach EGP 86m, up from EGP 34m.
The increase of EGP 43m will be distributed in 4.3m shares with a nominal value of EGP 10 per share, in addition to EGP 0.25 in issuance fees.
The board also adopted a decision to increase the company’s authorised capital to EGP 400m.
Meanwhile, the board also approved to add real estate and general contracting onto the company’s list of working activities.
In August, the company announced that its losses have increased by 5.6% during the first half (H1) of 2015 to reach EGP 2.33m, compared to EGP 2.21m during the same period the previous year.
Moreover, the company’s losses over the first quarter (Q1) of 2015 have increased by 4.8% to reach EGP 910,400 compared to the same period last year.
Lift Slab works in the building and construction industry using modern ways to implement installations. In addition, the company is active in real estate investment and in the tourism sector.