Middle East Glass cancels capital increase
Updated 6/1/2020 9:39:00 AM
ArabFinance: Middle East Glass Manufacturing Company (MEGM) stepped back from increasing the issued capital from EGP 50,322,50 to EGP 83,122,580, according to a May 31st disclosure filed to the Egyptian Exchange.
On May 21st, the extraordinary general meeting (EGM) annulled an earlier decision to raise the capital by EGP 32,800,000.
In 2019, the company posted a consolidated net profit of EGP 157,556,317, a 37% decline from EGP 250,171,813 achieved a year earlier.
Standalone net profit stood at EGP 21,552,279 in 2019, a 94% decrease from EGP 337,367,715 posted in 2018.
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.
