Riyadh-Mubasher: Saudi Industrial Development Co. (SIDC) said its 100%-owned Arab Spring & Foam Mattresses Manufacturing Co. (Sleep High–Egypt) gave a nod on Wednesday to raise capital to EGP 50 million from EGP 33.4 million.
After the EGP 16.6 million capital increase, the factory will meet the growing demand for spring and foam mattresses in the Egyptian market, and upgrade production lines, SIDC added in a bourse statement.
The top-up will be funded from parteners' credit balance totalling EGP 14.2 million as of 30 September, in addition to cash payments of EGP 2.4 million.
The move is pending the regulatory approval of Egyptian authorities.
