Rakta Paper Manufacturing Co. says it is seeking to narrow its losses to EGP 18.4 million in the fiscal year 2015/16.

The company's ordinary general meeting approved the estimated budget for FY15/16, according to a bourse filing.

Rakta posted EGP 39.9 million in losses in the nine-month period ended March 2015.

The state-owned company is capitalised at EGP 150 million, distributed across 30 million shares at EGP 5 par value each.