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Sabaa Pharmaceutical gets FRA's approval to increase capital

Sabaa Pharmaceutical gets FRA's approval to increase capital

ArabFinance:  Sabaa International for Pharmaceutical and Chemical (SIPC) got the Financial Regulatory Authority's (FRA) approval to increase issued capital from EGP 77 million to EGP 88 million.

Earlier, Sabaa’s board of directors approved the capital increase by EGP 11 million distributed over 5.5 million shares financing from 2019‘s profit. The company will distribute one free share for each original 7 shares.

The FRA gave the green light to Sabaa to moving forward in issued capital increase measures, according to provisions of article no. 48 of listing rules.

The company achieved net profit of EGP 8,589,882 in 2019, compared to EGP 1,717,772 during the previous year, according to a company statement.

The company attributes the dramatic improvement to a 34% increase in 2019 sales and a noticeable decline in exchange rates.

It's worth noting that the company had a similar dramatic hike of 251.6% in its 2017 results, where the company's net profits reached EGP 17,410,374  in comparison to 2016's net profit of EGP 4,951,404.

Established in 2000 and listed in 2013, Sabaa Pharmaceutical operates within the Pharmaceuticals, Biotechnology and Life Sciences sector focusing on Pharmaceuticals.

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