Elsewedy Electric’s EGM nods to capital cut via ESOP share write-off

Elsewedy Electric’s (SWDY) extraordinary general meeting (EGM) has agreed to cut the company’s issued shares by writing off the employee stock ownership plan (ESOP) amounting to about 1.422 million at a value of EGP 1.422 million, according to a disclosure.

Following the capital cut, the issued capital shall be EGP 2.139 billion.

The EGM also endorsed the amendment of articles 6 and 7 of the company’s Articles of Association.