ArabFinance: The board of directors of Middle East Glass Manufacturing Co (MEGM) has approved the report conducted by the independent financial advisor (IFA) that set the fair value (FV) at EGP 38.67 per share, according to a statement filed to the Egyptian Exchange (EGX).

The board also agreed upon submitting a capital increase proposal to the extraordinary general meeting (EGM), the company added.

Under the proposal, the board aims at raising Middle East Glass Manufacturing’s issued capital to EGP 64.42 million from EGP 50.32 million.

The capital increase amounts to EGP 14.101 million to be financed through the issuance of 14.101 million bonus shares at a FV of EGP 545.303 million or EGP 38.67 per share.

Moreover, the board approved to invite for holding the EGM to discuss the issued capital increase as well as the amendment of Articles 6 and 7 of the company’s Articles of Association.

MEGM is an Egypt-based company primarily engaged in the manufacture, sale, and export of glass containers in the Middle East and North Africa region.

The company’s product solutions include food jars, bottles, juice, carbonated bottles, and pharma, among others.