Cairo-based Sinai Cement has received approval from Egypt’s Financial Regulatory Authority (FRA) to advance its proposed capital increase. The EGX-listed firm aims to boost its authorized capital to EGP 10 billion (from EGP 2 billion) and raise issued capital by EGP 1.68 billion through the issuance of 168.20 million new shares. Despite posting consolidated net losses of EGP 121.45 million in the first nine months of 2023, this marks a 31% year-on-year improvement. Standalone losses also narrowed significantly, dropping from EGP 172.55 million to EGP 108.87 million during the same period.