ArabFinance: Middle East Glass Manufacturing Company (MEGM) has annulled its capital increase due to repercussions of coronavirus (COVID-19) and precautionary measures on its activities, according to an April 26th disclosure filed to the Egyptian Exchange.
Last November, the company’s extraordinary general assembly (EGM) ratified the issued capital increase by EGP 32.8 million from EGP 50,322,580 to 83,122,580.
The company’s board of directors has approved capital increase annulment on April 26th, in addition to inviting the EGM to review the decision.
In the first months of 2019, the company posted consolidated net profits of EGP 173,764,579, compared to EGP 25,356,918 in the same period a year ago, taking into account the minority rights.
Middle East Glass was established in 1979 as the first privately owned glass manufacturer in the Egyptian market. The company started as a manufacturing facility dedicated for supplying the local market demand for carbonated soft drinks.