Rubex International’s board proposes EGP 4.5m capital hike

Rubex International’s board proposes EGP 4.5m capital hike

The board members of Rubex International for Plastic and Acrylic Manufacturing recommended distributing bonus shares to raise the issued and paid-up capital by EGP 4.44 million.

Through distributing about 889,290 bonus shares at a nominal value of EGP 5, Rubex is expected to increase its capital to EGP 100 million from EGP 95.55 million, according to a bourse disclosure to the Egyptian Exchange (EGX) on Thursday.

It is worth mentioning that the ordinary general meeting (OGM) in March approved not to pay cash dividends for fiscal year 2018, and instead, transferring them to retained earnings.

-Mubasher