Egyptian financial investment company Al-Qal'a has announced plans to hold an extraordinary general assembly on October 28, 2026. The meeting will discuss several key proposals, including an increase in the company's capital and a debt settlement plan. According to a disclosure sent to the Egyptian Stock Exchange, the assembly will review the company's plan to increase its indirect stake in Egyptian Refining Company to 27.1% and in Energy Company to around 5%.
The agenda of the general assembly includes approving a mechanism to settle a current account debt owed by shareholders, which arose from a restructuring plan approved by the company's ordinary general assembly on July 6, 2023. The proposed settlement mechanism will be put to a vote. Additionally, the assembly will consider increasing the company's issued capital by EGP 3.87 billion, which will be distributed to existing shareholders in the form of new shares.
The proposed capital increase aims to bolster the company's financial position and support its growth strategy. The company's consolidated financial statements for the first quarter of 2026 showed a significant improvement in its financial performance. Al-Qal'a reported a net profit of EGP 3.83 billion during the January-March period, compared to a net loss of EGP 919.26 million in the same period of 2025.
The company's revenue also showed a notable increase, rising to EGP 40.1 billion in the first quarter of 2026, compared to EGP 37.23 million in the same period of 2025. The improvement in the company's financial performance was driven by various factors, including increased investment income and improved operational efficiency.
On a standalone basis, however, Al-Qal'a reported a net loss of EGP 1.12 billion during the first quarter of 2026, compared to a net loss of EGP 434.86 million in the same period of 2025. The company's management is expected to provide shareholders with more information on the proposed capital increase and debt settlement plan during the general assembly.
The extraordinary general assembly will provide shareholders with an opportunity to discuss and vote on the proposed plans. The company's shareholders will have the chance to review the company's financial performance and strategy, as well as engage with the company's management on various issues.
The meeting will also consider approving the proposed use of proceeds from the capital increase, which is expected to support the company's growth plans and improve its financial position. The outcome of the general assembly will be closely watched by investors and analysts, who are keen to understand the company's strategy and prospects.
Key points
- Al-Qal'a to increase its capital by EGP 3.87 billion.
- The company aims to settle a current account debt owed by shareholders.
- Al-Qal'a reported a net profit of EGP 3.83 billion in the first quarter of 2026.
