“Dice” submits documents separately for the registration of the right to subscribe to the capital increase

Dice Readymade Garments Company submitted to the stock exchange management documents for the registration of the right to subscribe separately from the original share, amounting to 1.325 billion right in exchange for the shares of raising the company’s capital from £ 106 million to 371 million pounds, an increase of 265 million pounds.

The increase is spread over 1.325 billion shares, with a nominal value of £ 0.20 per share, without issue costs, by inviting the old shareholders to subscribe for cash on the shares of the increase, while the right to subscribe separately can be traded. the original share.

The stock exchange said the documents submitted by the company are being examined and completed to be submitted to the listing committee.

The Board of Directors of Dice Readymade Garments Company has agreed to appoint Solid Capital Consulting as an independent financial adviser to the Economic Group Financial Consulting office to prepare a fair value study for the company’s share.

The appointment was made taking into account the financial evaluation criteria for the enterprises issued by the Government’s Board of Directors Resolution No. 1 of 2017 Nos. 4, 5, 6, 7 and Appendix (A).

The company is preparing a study on the fair value of its shares with the aim of increasing the issued capital of the company at the nominal value of the share, and to submit a fair value study to the Financial Supervisory Authority for the procedures for obtaining its approval to publish an invitation to the old shareholders to subscribe to the shares of the increase in the nominal value of the share

It added that the subscription right will be traded separately from the original share to implement the resolutions of the company’s extraordinary general meeting held on February 12, 2022.

The company “Dice Readymade Garments” made a profit of 34.1 million pounds from last year, compared to a net loss of 54.7 million pounds during the year 2020.

The company’s sales rose to £ 1.59 billion last year, compared to £ 1.23 billion in 2020.

The Financial Supervisory Authority refused to approve the fair value statement for the Dice Readymade Garments company, which was prepared by an independent financial adviser with the aim of increasing the capital.

The supervisor confirmed that the fair value statement for the purpose of increasing the capital does not meet the criteria for the financial evaluation of the enterprises.

The fair value study came with the aim of inviting the old shareholders to subscribe to the shares to increase Dice’s issued capital from £ 106 million to £ 371 million.

Dice Readymade Garments Company submitted documents to the stock exchange management to increase the authorized capital from £ 300 million to £ 500 million.

The documents also included a list of amendments to Article 4 of the Articles of Association relating to the company’s head office and legal domicile.

The general meeting of “Dice” approves the doubling of the capital to 371 million pounds

The Extraordinary General Meeting of Dice Readymade Garments Company approved the increase of the company’s authorized capital from £ 300 million to £ 500 million.

The general meeting approved to double the company’s issued capital from EGP 106 million to EGP 371 million.

The increase comes with £ 265 million, in cash, funded by inviting old shareholders to subscribe to the shares of the increase by issuing 1.32 billion shares at a nominal value of 20 piasters per share, with the implementation of the right of entry.

In the event that the shares of the increase are not fully subscribed, the shares subscribed for will be sufficient, as the subscription will only be for one stage and the subscribers may not request a refund of the subscription amount in the increase. .

The meeting approved a feasibility study prepared by the company’s management on the reasons and justifications for increasing the company’s issued and authorized capital.

The general meeting resolved to amend Articles 4-6-7 of the company’s articles of association.

FRA approves increase of capital of “Dice” to 500 million pounds

The Financial Supervisory Authority has agreed to publish a disclosure report by Dice Readymade Garments, to proceed with the procedures to increase the issued capital to £ 500 million.

Dice’s disclosure included increasing the authorized capital from £ 300 million to £ 500 million, and increasing the issued and paid-up capital from £ 106 million to £ 371 million.

The company added that the increase amounts to £ 265 million, spread over 1.32 billion shares, with a nominal value of 20 piasters per share, without issue costs, and awarded to old shareholders with the implementation of the right to subscribe to increase the shares of the separately from the original share.

She indicated that the increase in the issued and paid-up capital will be paid in cash.

Dice Readymade Garments made a net profit of £ 19.02 million from early January to late September, compared to losses of £ 56.56 million during the same period last year.

The parent company’s shareholders’ share during the nine months amounted to about £ 17.36 million at the end of September, compared to losses of £ 58.65 million in the same period last year.

The company’s sales rose to £ 1.1 billion at the end of September over the nine months, compared to £ 837.67 million in the same period last year.

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