Cairo – Mubasher: Ibnsina Pharma announced that it has spent, until the end of June this year, EGP 190.4 million worth of the subscription proceeds of the capital increase, which amounted to EGP 290 million registered on 24 April 2018.

In a recent disclosure to the Egyptian Exchange (EGX), the company noted that it has used a value of EGP 174 million invested as follows during the first half of 2019:

- A value of EGP 97.9 million for the construction of the new branches, as three operating sites were opened in H1-19.

- A value of EGP 38.7 million invested in upgrade and maintenance works of some branches through adding advanced fire protection systems, as well as central air conditioning-related equipment.

- Values of EGP 14.7 million, EGP 18.8 million, and EGP 3.9 invested respectively in technology structure-related projects, purchasing of distribution vehicles, as well as works related to the new headquarters.

The remaining value of the rights issue proceeds amounts to EGP 99.6 million, Ibnsina Pharma highlighted.

It is worthwhile to mention that the company registered net profits worth EGP 103.19 million in H1-19, compared to EGP 76.56 million in H1-18.