Cairo – Mubasher: Arab Dairy Products Co. (Panda) on Sunday announced that the second phase of subscription to its rights issue reached 100% or 91,270 shares.
Panda will submit a request to the Financial Regulatory Authority (FRA) to obtain the final approval of its capital increase, according to a statement to the Egyptian Exchange (EGX).
Previously, the dairy producer announced that the first phase of subscription to its rights issue reached 99.91% or 99.908 million shares.
In March, Egy Trend for Trading Securities set the fair value (FV) of Panda’s stock at EGP 27.78.
In July, Panda’s ordinary general meeting (OGM) approved raising the company’s capital by EGP 100 million over 100 million shares at a par value of EGP 1 per share.
During the first quarter of 2019, the dairy producer’s profits surged by 1,927% to EGP 17.29 million from EGP 853,024 in the year-ago period.
Meanwhile, sales grew to EGP 313.47 million in Q1-19 from EGP 293.25 million in Q1-18.
As for standalone business, Panda’s profits amounted to EGP 17.13 million in the three-month period ended 31 March, compared to EGP 716,623 in the same period a year earlier.
