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Arab Drug announces 0.0795% allotment for phase two in rights issue

Arab Drug announces 0.0795% allotment for phase two in rights issue
ADCO
ADCI
-3.21% 91.26 -3.02
Arab Drug and Chemical Industries Co. announced that the second phase in its rights issue was oversubscribed 12.5803 times, with allotment ratio of 0.0795%.
According to the company’s statement, refunds will be effected starting next Sunday, with approximation for minor subscribers.
The company’s rights issue started on Monday, October 13 and ran for seven days till Sunday, October 19.
The first phase in the increase of issued capital was covered by 88.46%.
The stock market’s listing committee had previously approved the listing of 1.950 million subscription rights for the company, which resulted from increasing issued capital from EGP 40.5 million to EGP 60 million. The EGP 19.5 million increase was divided into 1.950 million shares at EGP 10 par value plus EGP 0.25 issue costs each.
The company’s board had approved FY13/14 financial results which showed a surge by 927% in net profit to EGP 3.2 million, compared with EGP 320 thousand net profit a year earlier.
The company’s total sales reached EGP 205.9 million, compared with EGP 172.6 million in FY12/13.
The company had posted EGP 2.8 million net profit for the first nine months of FY13/14, with a surge by 353% y/y from EGP 623 thousand.