ArabFinance: Sabaa International for Pharmaceutical and Chemical Industry (SIPC) announced that its extraordinary general meeting (EGM) has approved the board of directors’ decision regarding the company’s capital increase, according to a statement filed to the Egyptian Exchange (EGX).
The board previously proposed raising the issued capital to EGP 100 million from EGP 88 million by EGP 12 million distributed over 6 million shares at a par value of EGP 2 per share.
The capital increase will be financed from retained earnings and general profits as per the financial statements for the year ended December 31st, 2020.
Saba International is an Egypt-based company is operating in the pharmaceutical sector, with a generic product portfolio that includes products focused on different therapeutic categories.