Egypt: increase in issued capital of Asfour Crystal

Egypt“s International Company for Crystal Production (Asfour Crystal) has received the approval of the listing committee of the Cairo and Alexandria Stock Exchanges (CASE) for an increase in the comp…

Egypt“s International Company for Crystal Production (Asfour Crystal) has received the approval of the listing committee of the Cairo and Alexandria Stock Exchanges (CASE) for an increase in the company“s issued capital to EGP 420 million (USD 70.4 million/EUR 59.9 million) from EGP 200 million (USD 33.5 million/EUR 28.5 million), it was reported on 12 June 2003. The capital increase is the result of the merger of Asfour Crystal and Khamis Mousa Asfour & Sons. The committee has also approved a decrease in the par value of Asfour Crystal“s shares to EGP 500 (USD 83.2/EUR 71.3) from EGP 1,000 (USD 167.6/EUR 142.6). The company“ capital is now divided into 840,000 shares. Asfour Crystal was established in 1961. The company produces crystal pieces for chandeliers, figurines, gift items, ladies“ accessories, crystal chatons and table lamps. The company is located in the industrial zone of the Shoubra el-Kheima area of Cairo. Asfour Crystal had a workforce of over 5,000 in 2002 and exported some 80% of its production to a countries including Germany, Italy, Portugal, Spain, England, France, the United States, Canada, Australia, and countries in the Middle-East and Asia.