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FRA approves Sabaa Pharmaceutical's capital raise

FRA approves Sabaa Pharmaceutical's capital raise
The pharmaceutical company plans to increase its issued capital to EGP 100 million
Sabaa
SIPC
-1.49% 7.95 -0.12

Cairo – Mubasher: The Egyptian Financial Regulatory Authority (FRA) approved the publication of the disclosure form submitted by Sabaa International Company for Pharmaceutical and Chemical Industry to proceed with the capital raise.

The pharmaceutical company plans to increase its issued capital to EGP 100 million from EGP 88 million through the issuance of 6 million shares valued at EGP 2 apiece, according to a statement to the Egyptian Exchange (EGX) on Wednesday.

In 2020, Sabaa International’s net profits jumped to EGP 15.14 million from EGP 8.58 million in 2019.