Arab Dairy uses all capital raise proceeds

An amount of $6.08mln has been financed by the shareholders’ credit balances

  

Cairo –  Arab Dairy Products Co. (Panda) announced that it used all its capital raise proceeds amounting to EGP 100 million at the end of 2019.

An amount of EGP 97.6 million, financed by the shareholders’ credit balances, has been used to strengthen the company’s financial position and purchase production requirements, the company said in a statement to the Egyptian Exchange (EGX) on Tuesday.

In addition, a total of EGP 2.37 million, paid in cash, has been used to purchase feedstock and production requirements.

It is worth noting that in 2019, Arab Dairy Products Co. reported net profits of EGP 52.52 million, up from EGP 41.29 million in 2018.

Source: Mubasher

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