Elsewedy Electric to decrease its cap

Elsewedy Electric board of directors agreed to look into decreasing the company’s cap from 2.170 billion Egyptian pounds to 2.140 billion pounds.

The company is set to do so through getting rid of company-owned treasury shares, which around 30 million shares with a value of 30 million pounds.

The board agreed to the publication of the disclosure report for decreasing the company’s cap as well as giving the head of the board of directors the authority to do changes to the disclosure decision.