Rubex Plastics Co. announced that a board meeting will be held tomorrow, Thursday, October 30, 2014, to look into the offers received from Commercial International Bank (CIB) and Bank Audi.
The company had announced earlier it appointed Arab African International Bank (AAIB) as a financial advisor to approach strategic investors with the aim of securing the required financing for the company’s future plans, which may amount to EGP 120 million.
The company is seeking through this agreement to secure EGP 50 million as part of its plan for the upcoming years. It will also use the EGP 14 million capital increase.
Rubex also said it is awaiting the outcome of talks with Bank Audi’s risk management division on receiving EGP 40 million worth of credit facility.
It was reported earlier today that Rubex Chairman Magdy Al Taher announced the appointment of AAIB as financial advisor to secure EGP 50 million via strategic investors that will be included in ownership structure through the capital increase.
The company’s financial results for H1 that ended on June 30, 2014 had shown that net profit fell 41% to EGP 1.3 million, compared with EGP 2.2 million in the same period a year earlier.
Financial results for the four-month period that ended on April 30, 2014 had shown EGP 959.2 thousand net profit for the first four months of FY14, compared with EGP 1.4 million net profit in the same period a year earlier.