Cairo – Mubasher: The board of directors of the International Company for Medical Industries (ICMI) approved the appointment of SOLID Capital For Financial Advisory as an independent financial advisor to assess the fair value (FV) of the company's stock. 

The FV study will be presented to the company's shareholders five days before the beginning of the capital increase subscription period, the company said in a bourse disclosure on Monday. 

Earlier, the Financial Regulatory Authority (FRA) approved the publication of a disclosure form by ICMI to proceed with increasing the issued capital to EGP 72.57 million from EGP 24.19 million through the issuance of 48.38 million shares worth EGP 48.38 million, in addition to issuance expenses of EGP 2.5 piasters per share. 

During the first quarter (Q1) of 2021, the company achieved net profits of about EGP 35,210, compared to around EGP 22,750 in Q1-20.