Cairo – Mubasher: Asec Company for Mining (ASCOM) announced that subscription to its issued capital increase was covered by 100%.

The second phase of subscription included about 3.6 million shares, while the first phase involved 4.3 million shares, the company said in a filing to the Egyptian Exchange (EGX) on Sunday.

In May, ASCOM’s shareholders agreed to raise the company’s issued capital to EGP 550 million from EGP 470 million during an extraordinary general meeting (EGM).

It is noteworthy that during the first half of 2019, the EGX-listed firm tuned to profits of EGP 2.04 million, versus a loss of EGP 9.3 million in H1-18, including minority shareholders’ rights.