Cairo – Mubasher: Asec Company for Mining (ASCOM) announced that subscription to its issued capital raise was covered by 54.74%.

The first phase of subscription included 4.3 million shares and the remaining 3.6 million shares will be offered again for subscription, the company said in a statement to the Egyptian Exchange (EGX) on Thursday.  

In May, ASCOM’s extraordinary general meeting (EGM) approved increasing the company’s issued capital to EGP550  million from EGP 470 million.

During the first quarter of 2019, ASCOM incurred net losses of EGP 10.55 million, compared to EGP 13.98 million in the year-ago period, including minority shareholders’ rights.