Cairo - Mubasher: Northern Upper Egypt Development and Agricultural Production (NUDAP) said it used EGP 5 million of the proceeds of its earlier right issue.

The company has raised earlier, its issued capital from EGP 30 million to EGP 63.5 million up by EGP 33.5 million, which are distributed across 3.35 million shares at EGP 10 par value each.

NUDAP stated previously, it will use the right issue proceeds to establish new company named  "Nudap El wady for Commerce and Supplies", with authorized capital of EGP 40 million and paid-in capital of EGP 10 million.

NUDAP logged losses of EGP 796,700 in the first nine months of 2015, against profits of EGP 391,300 for the same period of the previous year.