CAIRO: The board of Egypt’s Misr Beni Suef Cement said it had proposed increasing the company’s capital by LE 100 million ($16.9 million) to support its capital base.
If shareholders approve the proposal, the cement maker’s capital will rise 25 percent to LE 500 million, it said in a statement released by the stock exchange on Sunday.
The company said last week its 2010 net profit fell 22 percent to LE 303.9 million.
