Cairo - Mubasher: The ordinary general meeting (OGM) of Atlas for Land Reclamation and Agricultural Processing has approved the establishment of a new company for packaging and food industries.

The new subsidiary will be formed with an authorised capital of EGP 10 million, and an issued capital of EGP 1 million, according to the company’s statement to the Egyptian Exchange (EGX) on Sunday.

In January, the company announced that it will create a new subsidiary specialised in the business of food industries and packaging, and that it will own a 99.9% stake in the new company.