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Middle East Glass gets EGM nod on capital boost

Middle East Glass gets EGM nod on capital boost

The extraordinary general meeting of Middle East Glass Manufacturing (MEGM) has endorsed on Monday a rise in the company’s issued capital by EGP 10.3 million.

Shareholders will be invited to subscribe to the rights issue at fair value set by financial advisor at EGP 198.84 per share.

The EGM also approved the fair value report prepared by the independent financial advisor. It gave a nod to not offering subscription rights for trading separately.

The securities listing committee of the Egyptian Exchange (EGX) had approved a request from the company to increase its capital by around EGP 10.322 million.
Photo Credit: Arabianeye-Reuters