The ordinary general meeting (OGM) of Arab Dairy Products Co. (Panda) has agreed to raise the company’s issued capital to EGP 160 million from EGP 60 million.
The OGM has approved to boost capital by EGP 100 million, to be distributed over 100 million shares at a par value of EGP 1 through subscriptions by old shareholders, the cheese-maker firm said in a filing to the Egyptian Exchange (EGX) on Wednesday.
Moreover, the OGM has assigned the chairman to set the duration of the subscription.
In May, the EGX-listed firm’s board had agreed to increase issued and paid-up capital to EGP 160 million from EGP 60 million.
Arab Dairy previously reported a 51% year-on-year fall in consolidated profits for the first quarter of 2018, recording EGP 853,020 from EGP 1.7 million.