|05 December, 2019

Egypt EGX approves Rameda’s capital raise

The capital increase shares will be listed as of the beginning of trading session on December 9

A trader works at the Egyptian stock exchange in Cairo, Egypt September 23, 2019.

A trader works at the Egyptian stock exchange in Cairo, Egypt September 23, 2019.

REUTERS/Mohamed Abd El Ghany

Cairo –  The Egyptian Exchange’s (EGX) listing committee approved the request of Tenth of Ramadan for Pharmaceutical Industries and Diagnostic Reagents (Rameda) to increase its issued capital to EGP 192.15 million from EGP 160.9 million.

The company’s capital will be raised by EGP 31.25 million, distributed over 125 million shares, at a nominal value of EGP 0.25 apiece, in addition to issuance bonus of EGP 4.41, the EGX said in a statement on Thursday.

The capital increase shares will be listed as of the beginning of trading session on 9 December.

It is worth mentioning that during the first nine months of 2019, Rameda logged a consolidated profit of EGP 31.14 million, compared to EGP 76.64 million in the corresponding period of 2018, including minority shareholders’ rights.

Source: Mubasher

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