ArabFinance: The Financial Regulatory Authority (FRA) has approved the publication of the disclosure regarding the decision of Middle East Glass Manufacturing Co’s (MEGM) board of directors on the capital increase proposal, according to a statement filed to the Egyptian Exchange (EGX).

It is worth noting that the company’s board previously approved to raise the capital to EGP 64.42 million from EGP 50.32 million.

The capital increase amounts to EGP 14.101 million to be financed in cash or from the credit balance of some shareholders.

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.