Cairo - Mubasher: MubasherTrade Research has reiterated the Buy/Moderate Risk rating for Kafr El-Zayat Pesticides, according to a recent report.

The research firm also adjusted its price target for the stock from EGP 79.33 per share to EGP 52.89 per share on the effective date of the rights issue.

Kafr El-Zayat Pesticides is increasing its capital from EGP 80million to EGP 120 million through a rights issue, with total number of outstanding shares increasing from 8 million 12 million shares.

Each original share is eligible for 0.5 new shares at a par value of EGP 10 per share plus an issuance fee of EGP 0.25 per share.

The subscription right will start trading separately on 22 November with an open price of EGP 31.87.

The subscription process will take place over the period from 22 November 2017 through 21 December 2017.