Arab Finance: The board of directors of Memphis Pharmaceutical (MPCI) approved an EGP 171.25 million increase in the issued and paid-up capital, according to a filing to the Egyptian Exchange (EGX) on Sunday.

Accordingly, the company’s issued and paid-up capital will be increased to EGP 227.5 million from EGP 56.25 million.

The capital increase will be financed by HoldiPharma and ordinary shareholders.

Memphis is one of the oldest pharmaceutical and chemical companies in the Middle East and has been in the market since 1940.