Cairo – Memphis Pharmaceutical and Chemical Industries’ board of directors approved increasing the company’s issued and paid-up capital to EGP 227.50 million from EGP 56.25 million.

The capital hike includes Holding Co for Pharmaceuticals’ 60% stake in settlement on credit balances and shareholders’ 40% stake in cash. Preemptive rights of senior shareholders will be considered, according to a stock exchange statement on Sunday.

During the period from July 2021 to June 2022, the adjusted financial statements of Memphis Pharmaceutical indicated a 77% annual hike in profits at EGP 74.08 million, compared to EGP 41.80 million a year earlier.

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