ArabFinance: Sabaa International for Pharmaceutical and Chemical Industry (SIPC) obtained the Financial Regulatory Authority's (FRA) approval to increase the issued capital by EGP 11 million, according to the company’s statement filed to the Egyptian Exchange.

The company will increase the capital from EGP 77 million to EGP 88 million.

Sabaa reported a 264% Year on Year growth in its consolidated net profit for the first nine months of 2020.

Sabaa expects to produce two medicines to treat coronavirus before the end of this year.

The Egypt-based company is engaged in the pharmaceutical sector, with a generic product portfolio that includes products focused on different therapeutic categories.