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Univert Food to close rights issue Monday

Univert Food to close rights issue Monday
Univert
UNFO
770.97% 0.31 2.39
Univert Food Industries Co. will close tomorrow, Monday, its rights issue to increase issued capital by EGP 20.4 million, or 20.4 million shares at EGP 1 par value each, if the offering is fully covered.
The company announced earlier that its rights issue would run from Oct. 26 until Nov. 24.
The company aims to raise its issued and paid-in capital by EGP 20.4 million to EGP 80 million from EGP 59.6 million.
The capital increase will be divided as follows: 1- EGP 10,212,932 in cash through a rights issue at 0.34 share per each held share. 2- EGP 10,187,068 from accounts payable as shown on financial statements on April 30. The capital increase will go for financing the company’s two pastry production lines. It will be effected at stock par value plus EGP0.02 issue costs per share. Meanwhile, shareholders rejected trading subscription rights. They authorized the board chairman to amend articles of
Financial indicators for the nine-month period that ended on September 30, 2014 had shown EGP 675.993 thousand net profit, against EGP 995.559 thousand net loss logged in the same period a year earlier.
The company had recorded EGP 10.4 million total revenues, compared with EGP 7.6 million in the first nine months of FY14.