ArabFinance: The rights issue of Arab Dairy Products Co. (Panda) (ADPC) was oversubscribed at a coverage ratio of 99.93%, the company announced in a statement filed to the Egyptian Exchange (EGX).

Under the rights issue, nearly 129.91 million shares were oversubscribed, Panda noted.

The company seeks to obtain the Financial Regulatory Authority’s (FRA) approval to open the subscription into the remaining 86,939 shares of the rights issue as per the previously announced conditions.

In November 2021, the ordinary general meeting (OGM) of Panda approved raising the company’s issued and paid-up capital to EGP 290 million from EGP 160 million.

The capital increase amounts to EGP 130 million distributed over 130 million shares at a nominal value of EGP 1 per share.

Arab Dairy is an Egypt-based company engaged in the dairy industry. The company exports its products to Middle Eastern countries, such as Lebanon, Jordan, Libya, the United Arab Emirates, Saudi Arabia, Palestine, Bahrain, Oman, and Kuwait.