CAIRO: Egyptian ceramics company Lecico will issue one new share for every three held in a LE 100 million ($17 million) capital increase funded by retained earnings, the company said.
It did not give a reason for the move or a date when the share issue would take place.
Lecico said shareholders approved the capital increase and an annual cash dividend of LE 1, to be distributed on April 28 to shareholders as of April 21.
The bonus issue will increase the company’s outstanding shares to 80 million shares and increase issued and paid-in capital to LE 400 million, Lecico said.
Lecico’s 2010 net profit fell 14.6 percent to LE 93.3 million.