The stock of Ismailia Misr Poultry has plummeted by Sunday’s mid-session to its lowest level since August 28, 2013, i.e. in more than 25 months.
The stock fell 4.45% to EGP 3.71, after 41.2 thousand shares were exchanged in 32 transactions at EGP 152.7 thousand.
The company’s board had announced in September that the two phases of its rights issue were subscribed by 79.79%, representing EGP 95.7 million proceeds.
Accordingly, the company’s rights issue has ended as the number of subscribed shares in the two phases totaled 23.9 million, or 79.8% out of the 30 million offered shares.
The remaining secondary shares amounted to 6.1 million, or 20.2%.
The company launched the rights issue to increase issued capital by EGP 120 million to EGP 383.685 million from EGP 263.685 million.
Ismailia Misr Poultry posted EGP 821.3 thousand net profit for H1-14, with a decline by 83% compared with EGP 4.7 million net profit in the same period a year earlier.
The company’s FY13 net profit had amounted to EGP 1.6 million, compared with EGP 1.9 million a year earlier.
The company’s extraordinary general meeting (EGM) had endorsed on Monday, June 9 raising issued capital by EGP 120 million from EGP 263.685 million to EGP 383.685 million. A total of 30 million shares will be issued at par value plus issue costs. The company operates with issued and paid-in capital of EGP 263.685 million, divided into 65.92 million shares at EGP 4 par value each.