Egypt Rameda's shareholders approve capital raise via bonus issue

The company will distribute 0.30 bonus share for every original share

  
Traders work at the Egyptian stock exchange in Cairo, Egypt April 18, 2016.

Traders work at the Egyptian stock exchange in Cairo, Egypt April 18, 2016.

REUTERS/Mohamed Abd El Ghany
Cairo – The ordinary general meeting (OGM) of Tenth of Ramadan for Pharmaceutical Industries and Diagnostic Reagents (Rameda) approved the board’s proposal to distribute bonus shares worth EGP 57.8 million to shareholders for 2020.

The company will distribute 0.30 bonus share for every original share to be funded from the company’s distributable profits, according to a bourse disclosure on Monday.

Following the rise, the company’s issued capital will be increased to EGP 250 million, distributed over 1 billion shares at a value of EGP 0.25 apiece.

During 2020, Rameda recorded net profits of EGP 111.51 million, up from EGP 81.67 million a year earlier, including minority shareholders’ rights.

Source: Mubasher

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