The board of International Company for Medical Industries (ICMI) approved on Wednesday, October 15, increasing the company’s capital from EGP 5.2 million to EGP 12 million.
The capital increase will be divided into 6.4 million shares at EGP 1 par value each. It will be financed from accounts payables as shown in statement of financial position on August 31, 2014.
The increase will be effected through a rights issue for original shareholders according to priority rights.
The board had previously ratified financial highlights for H1-14, showing that net profit fell 15.1% to EGP 160.08 thousand, compared with EGP 188.557 thousand in the same period a year earlier.
Q1 net profit amounted to EGP 54 thousand, compared with EGP 73 thousand in Q1-13.