Arab Finance: The rights issue of Middle East Glass Manufacturing Co (MEGM) has been subscribed at a coverage ratio of 87.26%, according to a statement filed to the Egyptian Exchange (EGX) on June 20th.
The subscription into the capital increase has been closed for shareholders on June 16th and will not be reopened for another stage.
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.