The Financial Supervisory Authority has approved the publication of a disclosure report by the Sidi Kerir Petrochemical Company on the procedures for increasing the issued capital from EGP 1.26 billion to EGP 1.51 billion.
The Financial Supervisory Authority stated that Sidi Kerir’s disclosure report continues with the procedures for increasing the company’s issued capital from EGP 1.26 billion to EGP 1.51 billion, an increase of EGP 252 million spread over 630 million shares with a nominal value of EGP 2 per share, in financing from 2021 profits.
The board of directors of the Sidi Kerir Petrochemical Company has agreed to increase the issued and paid-up capital from £ 1.26 billion to £ 1.51 billion.
The increase is estimated at £ 252 million, divided among 630 million shares, with a face value of £ 2 per share, financed from last year’s profits.
The Board decided to amend Articles 6 and 7 of the Articles of Association, and approved the disclosure report on the company’s capital increase.
The Extraordinary General Meeting of “Sidi Kerir Petrochemical Company” ratified the amendment of Articles 4, 5 and 26 of the company’s articles of association.
The general meeting approved the distribution of free shares from the profit of 2021, amounting to 126 million shares, with a nominal value of 2 pounds per share, and a total value of 252 million pounds, at a rate of one share for every 5 shares. , bringing the issued and paid-up capital to £ 1.51 billion.
Sidi Kerir Petrochemical Company has convened its board of directors to meet today to discuss structural and financial changes.
The board of directors will discuss the increase of the capital of the wotech company, and the increase of the capital of the petrochemical logistics company pls.
In addition to the call of the Extraordinary General Meeting to amend Articles 4 and 5 of the Company’s Articles of Association.
The profit of “Sidi Kerir Petrochemical Company” increased 19.6 times during the fiscal year 2021 to 535 million pounds, compared to a net profit of 26 million pounds during the previous year.
The company’s sales increased to £ 5.13 billion during the year 2021, compared to total sales of £ 3.46 billion during the previous year 2020.
The company’s management said the profit jump came as a result of the company’s management efforts to make the marketing system successful and extrapolate markets locally and globally, as well as its ability to control costs and pursue expenditure rationalization policies during the current financial period.
In addition, average sales prices increased during 2021 compared to the previous year.
The Egyptian Stock Exchange’s Listing Committee has decided to list the shares to increase the issued and paid-up capital of “Sidi Kerir Petrochemicals” from EGP 1.05 billion to EGP 1.26 billion, an increase of EGP 210 million.
The stock exchange said the increase over 105 million shares, with a face value of 2 Egyptian pounds per share, would be distributed in financing from the retained earnings account, according to the financial statements as of December 31, 2020.
And she added, the right to free distribution (at a rate of 0.2 free shares for each original share) for the share buyer until the end of the trading session on Monday, November 1, 2021.
The committee decided to list the company’s shares after the free increase on the database, with a reference price on the company’s shares, from the start of the trading session on Tuesday, 02 November 2021.
It also decided to change the name of the Sidi Kerir Petrochemical Company to become the Sidi Kerir Petrochemical Company “SIDPEC” in the listing of Egyptian securities – shares in light of the amendment of Article No. (2) of the company’s articles of association. of association.
The Committee agreed to record the amendment of Article Three of the Statutes of Sidi Kerir Petrochemical Company by adding new activities.
The text of the third article after the amendment became as follows: “The establishment of a complex for the manufacture of basic, intermediate and final petrochemicals, and the execution of all integrated works for the purpose of manufacturing, building and to import gas for the purpose of manufacture. The company can undertake other projects or change its purpose. ”
And she continued: “And the establishment, ownership, operation and management of an electricity production plant for use in the company’s consumption and sale of surplus electricity to companies and the national network of the Arab Republic of Egypt, sale and marketing of all its products as well as other petrochemical products, import and export, manufacture, packaging and sale of petrochemical products, plastic raw materials and all kinds of plastic. ”
The company is committed to separate financial accounts and an independent financial center for the activities as stipulated in Investment Act No. 72 of 2017, without prejudice to the provisions of the laws, regulations and decisions in force and provided that the necessary licenses are issued to engage in these activities. do theirs or what can help them achieve their goal in Egypt or abroad.
And it has agreed to amend Article Four of the Statutes of Sidi Kerir Petrochemical Company in accordance with the provisions of Act No. 14 of 2012 with regard to integrated development in the Sinai Peninsula, so that the text of Article Four after the amendment is as follows: “The main center of the company’s management and its legal domicile will be And the location of the industrial activity is at the next address – Al-Nahda Land – Al-Amriya – Alexandria.
The Stock Exchange said: “The company is fully responsible for obtaining licenses to carry out the activity in this area, in particular the approval of the General Authority for Industrial Development in the event that the project is established inside or outside the industrial zones without any responsibility to the General Authority for Investment and Free Zones in this regard. The matter and the location of the practice of the rest of the activities in all parts of the Arab Republic of Egypt, except for the Sinai Peninsula region, which require the approval of the Commission in advance. “
The committee agreed that the amendment to the company’s name should be listed on the stock exchange database according to the date specified in the letter from the Misr Clearing Company regarding its approval of the amendment in the central repository and registry system.