Cairo – Mubasher: The Egyptian Financial Regulatory Authority (FRA) approved the publication of the disclosure form submitted by Raya Contact Center to proceed with its capital cut procedures.

The disclosure form includes the board’s decision to slash its issued capital by EGP 2.13 million to EGP 109.22 million from EGP 111.36 million, the FRA said in a statement to the Egyptian Exchange (EGX) on Tuesday.

The reduction will be carried out by cancelling 4.272 million treasury stocks at a value of EGP 0.50 apiece.

During the first quarter (Q1) of 2021, Raya Contact Center achieved net profits of EGP 2.04 million, down from EGP 10.3 million in the year-ago period, including minority shareholders’ rights.