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CAIRO - Edita Food Industries (EGX:EFID) S.A.E. announced resolutions from its Extraordinary General Assembly Meeting held on Wednesday, which included a capital increase and amendments to the company’s articles of association. The capital of the Egyptian snack food manufacturer will be raised from EGP 140,002,731.2 to EGP 280,005,462.4, financed through retained earnings from the fiscal year ending December 31, 2023.
The company’s authorized capital remains unchanged at EGP 360,000,000, with the issued capital doubling and the number of shares increasing to 1,400,027,312, each with a nominal value of EGP 0.20. The increase is backed by approval from the Economic Performance Department, with the company’s financial statements certified by the ordinary general assembly meeting on March 28, 2024.
Additionally, Edita Food Industries has amended several articles in its articles of association. Changes include the introduction of accumulative voting for electing board members and the appointment of a chief executive officer to substitute the chairman in his absence. The chairman or CEO is now authorized to represent the company before courts and third parties.
The amendments also allow the chairman, managing directors, CEO, or other delegated board members to sign on behalf of the company. Furthermore, the ordinary general assembly meeting will now be valid with shareholders representing 50% of the company’s capital, with accumulative voting permitted for board election resolutions.
These changes reflect the company’s efforts to align its governance structure with regulatory requirements and support its growth strategy. The information is based on a press release statement from Edita Food Industries.
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