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Cleopatra Hospitals’ shareholders greenlight capital reduction

The new capital will be distributed over 1.44bln shares instead of 1.60bln shares.
31.01.23 | Source: Zawya

The shareholders of Cleopatra Hospitals Group (CHG) agreed to reduce the company’s issued capital to EGP 722.71 million from EGP 800 million, according to a bourse disclosure.

In order to carry out the cut process, the EGX-listed firm will cancel 154.56 million treasury shares at a value of EGP 77.28 million.

Meanwhile, the new capital will be distributed over 1.44 billion shares instead of 1.60 billion shares.

It is worth noting that the shareholders greenlighted the transaction during the extraordinary general meeting (EGM) that was held on 25 January 2023.

In December 2022, the Financial Regulatory Authority (FRA) passed Cleopatra Hospitals’ capital reduction after the board had granted its approval during the same month.

During the first nine months (9M) of 2022, the company recorded consolidated net profits worth EGP 267.14 million, down 7% from EGP 288.11 million in the January-September 2021 period.