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Middle East Glass cleared by EFSA to raise capital

Middle East Glass cleared by EFSA to raise capital
Photo Credit: Arabianeye-Reuters

Egypt’s stock market regulator EFSA has approved a request from Middle East Glass Manufacturing Co. (MEGM) to proceed with its right issue through inviting shareholders to subscribe to shares of capital increase, said the Egyptian Exchange (EGX) in a statement Wednesday.

The EGP 10.32 million increase will be divided into 10.32 million shares at EGP 10 par value plus EGP 188.4 issue premium each.

The eligibility to take part in the rights issue is for shareholders of record till the close of trading on Sunday, March 22.