A spokesman said the move would boost liquidity and bolster the
group’s balance sheet given its high reserves”
Shareholders would receive 0.2 shares for every one held as of
the close of trade on July 28, with the shares distributed the following
day, the company said in an advertisement in Al-Ahram newspaper .
The increase would be financed from retained earnings and
distributed over 15.4 million shares. Oriental Weavers’ first-quarter
net profit fell 9.7 percent to 97.1 million Egyptian pounds .
The firm’s shares were trading 1 percent higher at 1012 GMT,
while the main index was down 0.7 percent .