ArabFinance: The board of directors has approved International Company for Medical Industries (ICMI) has approved to raise the company’s issued capital to EGP 58.67 million to EGP 24.18 million, according to a statement filed to the Egyptian Exchange (EGX).

The capital increase amounts to EGP 33.48 million distributed over 33.48 million at a par value of EGP 1 per share.

This comes following the oversubscription in the rights issue of ICMI at a coverage ratio of 69.21%.

Moreover, the board has agreed on the amendment of Articles 6 and 7 of the company’s Articles of Association.

Established in 2004, ICMI operates within the health care equipment and services sector focusing on health care equipment.