Cairo – Mubasher: The Egyptian Starch and Glucose said Tuesday that record date for stock par value reduction to EGP 8.3 from EGP 10 was set at 27 December.

The company earlier filed with the Egyptian Exchange for approving an increase in authorised and issued capital after merging with Cairo Starch and Glucose.

The company’s extraordinary general meeting earlier endorsed a plan to merge with Cairo Starch and Glucose.

Shareholders also gave a nod to cut the company's issued capital from EGP 489.185 million to EGP 413.493 million, to be followed with a rise in capital to EGP 415.6 million.

The starch producer earlier posted 8.4% growth in H1 consolidated profits to EGP 24.1 million.