Cairo - Mubasher: The board of directors of the Arab Dairy Products Co. (Panda) approved a decision to increase the issued and paid-up capital by EGP 130 million. 

The capital will be raised to EGP 290 million from EGP 160 million through the issuance of 130 million shares at a nominal value of EGP 1 apiece, the company said in a bourse disclosure on Wednesday.

The increase, which represents 81.25% of the current capital, will be allocated to the existing shareholders in proportion to their shareholding.

The decision will be referred to the company's ordinary general meeting (OGM) for approval. 

During the first quarter (Q1) of 2021, the company logged consolidated net profits of EGP 8.36 million, up from EGP 831,647 in Q1-20, including minority shareholders' rights.