Cairo - Mubasher: The British Egyptian Company for General Development (GALINA) is expecting to cover 20% of its shares as the subscription period is extended, said the investors relations director Hani Mohamed Khaled.

Khaled told Mubasher in a phone call on Saturday that meeting with the issuance ting manager has been ongoing since Thursday and that it will continue until the process is completed.

Recently, the Egyptian Exchange (EGX) announced that it will open the private placement market for the British Egyptian Company for General Development’s (Galina) stock from 7 to 11 May.

The minimum number of orders will be 1,000 shares, according to the statement.

The company said that 14.4 million shares or 20% of the company’s shares will be offered at a price of EGP 1.10 per share.

GALINA profits hiked 46% in the first quarter of 2017 to EGP 4.6million, while sales amounted to EGP 32.3 million, representing 34% of net sales expected for 2017.