Lecico Egypt Completes Merger of Three Wholly Owned Subsidiaries

Lecico Egypt Completes Merger of Three Wholly Owned Subsidiaries

Egypt: Lecico Egypt has completed the merger of its three wholly owned subsidiaries, International Ceramics, European Ceramics, and Lecico for Ceramic Industries finalizing a process that began last year. Following the merger, the company's issued capital was reduced to approximately USD 4.04 million (EGP 200 million) from approximately USD 8.08 million (EGP 400 million) by halving the par value of its shares to approximately USD 0.05 (EGP 2.5), while maintaining 80 million shares outstanding. Lecico has assumed all rights, assets, and liabilities of the merged entities, with their three factories in New Borg Al Arab, Alexandria, now operating as production branches. As Lecico already owned 100% of the subsidiaries, the merger involved no purchase price or financing and is intended to optimize production capacity, reduce administrative costs, and enhance the company's competitiveness in the domestic market.

Source: Enterprise Ventures LLC