Cairo – Mubasher: Arab Dairy Products Co. (Panda) on Wednesday announced that subscription to its rights issue reached 99.91% or 99.908 million shares.
Panda will submit a request to the Financial Regulatory Authority (FRA) to open subscription to unsubscribed shares which totalled around 91,270 shares, according to a filing to the Egyptian Exchange (EGX).
In March, Egy Trend for Trading Securities set the fair value (FV) of Panda’s stock at EGP 27.78.
This FV disclosure comes five days before Panda begins the capital increase subscription to raise capital to EGP 160 million from EGP 60 million.
In 2018, Panda turned profitable with a consolidated profit of EGP 41.29 million, against a net loss of EGP 29.32 million a year ago, including minority shareholders’ rights.
Sales increased to EGP 1.18 billion last year from EGP 1.14 billion in 2017, the dairy producer added.
