Cairo - Mubasher: Univert Food Industries Co. gave a nod to replenish the company's working capital in order to secure the needed raw and packing materials and meet production costs.
The company will raise EGP 10 million to replenish its working capital so as to substitute for more than half of its recent rights issue that had been undersubscribed.
Earlier, Univert initiated a right issue to raise its capital from EGP 80 million to EGP 100 million.
The right issue was covered only by 49.03%, while the total value of the subscribed stocks reached EGP 9.8 million, in addition to issuance fees of EGP 245,150.
The firm's net profits surged 235.35% to EGP 1.4 million in the first half of 2015, up from EGP 415,000 for the same period a year earlier.
