عربــى

Market is closed

EGX 30 14,333.16 -0.17%



Rubex reveals capital hike's reasons

Rubex reveals capital hike's reasons

Arab Finance: Rubex International for Plastic and Acrylic Manufacturing (RUBEX) (RUBX) announced its plan to utilize the amount of capital hike subscription by LE50 million for 10 million shares , at nominal value of LE5 per share in addition to issuance fees of LE0.5.

The company intends to add more investments with estimated costs of LE116 million, through various ways:

Establishment of buildings over part of land plots, purchased in the first phase amounting to LE45 million, aiming to expand in its production lines.

Adding machines worth LE30 million, included installation costs as well as transportation of LE5 million to transport the company’s goods.
The company added that it will cut the credit balances around LE36 million.

The company stated in its statement sent to EGX, that it will be provided with the required fund through issued capital hike and obtaining loans from banks within 2016/2017 by LE60 million.

Moreover, the company will save LE6 million from its commercial activity during execution of these investments.

Source: EGX & Arab Finance editor

 

All rights reserved to Arab Finance 2015 ©

Back to top